The Ethereum Classic (ETC) price has been a bit boring in the past few weeks. It is trading at $12, which is 17% below its highest level March 13 high of $14.37. Its market value has dropped to $1.40 billion, making it the 70th biggest digital currency in the world. On the other hand, Ethereum (ETH) price is close to its all-time high and its market cap has jumped to more than $200 billion.
The background: Ethereum Classic is a blockchain network that helps developers build decentralized applications and games. It uses the smart contracts technology that helps users to create automated and self-executable contracts. It was the original Ethereum network. ETH emerged from a hard fork after a series of attacks in the Decentralized Autonomous Organization (DAO.
Today, ETC is a shadow of its former self. The Ethereum Classic price is 37% below its year-to-date high of $19.20. Also, while Ethereum dominates in app development, only a few developers still rely on Ethereum Classic, in part because of the high number of attacks.
The four-hour chart shows that the Ethereum Classic price has been in a tight range recently. It is trading at $12, which is slightly below the 25-period and 15-period moving averages (EMA). It is also slightly above the lower line of the ascending channel. Therefore, at this point, the outlook for the ETC price is neutral. It will likely remain in the current range.
However, we should not rule-out another sharp pullback as bears attempt to move below the psychological level of $10. The bearish prediction will be invalidated if the price moves above $12.90, which is the upper side of the channel.
