Sat. Aug 13th, 2022

Starting life as Ethereum, Ethereum Classic is a peer-to-peer computing platform and the main advantage of this cryptocurrency is that this platform is more secure compared to Ethereum’s platform. Ethereum Classic has its token ETC and according to analysts, this cryptocurrency might still be undervalued despite all current problems. Ethereum Classic is the result of a long debate over how cryptocurrencies should handle disagreements within the community and data hacks. In my opinion, this is still very risky cryptocurrency but Ethereum Classic can be a very good investment option and some predictions say that this cryptocurrency could be above $50 in the next several years. The price of the Ethereum Classic currently stands around $3.7 and the first strong sign of recovery could be if the price jumps above $5. Although the price can weaken even more putting a reasonable amount of money into Ethereum Classic could potentially turn out to be a very good investment. In the chart below (a period from February 2019), I have marked major resistance and support levels which can help us to understand where the price could move. The current resistance levels are $4, $5 and $6, $3.5 and $3 represent the strong support levels.

The price of Ethereum Classic has weakened from $8 to $3.5 in less than 180 days, Ethereum Classic remains in the bearish phase but if the price advances above $5 it could be a good sign of the trend reversal. If the price drops below $3.5 support level that would be a “SELL” signal and the open way to $3. If the price weakens to $3 or even $2 that would be an excellent entry price for the long term investors. I would recommend everybody to be careful and to invest a small sum of money in Ethereum Classic, the best time period for me is between 3-5 years, hold and wait.

 

Recommendation: The last several months have been very negative for the cryptocurrency market, all major cryptocurrencies have weakened and the price of Ethereum Classic was also pressured by this situation. According to estimates, Ethereum Classic is one of the cryptocurrencies which you should definitely not ignore but in my opinion, this is still risky cryptocurrency. The price of Ethereum Classic is still far away from the major Ethereum Classic price predictions but according to the rules of technical analysis, the “bearish” trend of this cryptocurrency is still very strong. It is very hard to explain the actual value of Ethereum Classic and because of that, I would recommend everybody to be careful with investing in this cryptocurrency. Ethereum Classic has a strong resistance area at $5 and it would take a break above this level to confirm a new leg higher towards the $6 resistance level. If the price drops below $3 strong support that would be a strong “SELL” signal and the open way to $2.

https://www.investopedia.com/terms/e/ethereum-classic.asp

https://en.wikipedia.org/wiki/Ethereum_Classic

 

 

By Dov Herman

Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on TrustedBrokerz and across the web.