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Ethereum Classic Price Prediction: ETC hits a new all-time high, but what is the secret behind its recent surge?

Ethereum Classic Price Prediction

TL;DR Breakdown

  • Ethereum Classic price prediction highlights ETC’s massive rally in the past few days.
  • At present, Ethereum Classic appears on course to safeguarding a slot at the top 10 most significant cryptocurrencies in the market.
  • In the last 7 days, Ethereum Classic has registered gains of more than 200 percent.

In the last 48-hours, Ethereum Classic has registered a new all-time high as it moved past the $175 mark to settle at around $197. On looking at its price movement in the last few days, Ethereum Classic appears to have outdone most of the top crypto coins. This bullish momentum has seen the crypto asset safeguard a spot for itself among the top 15 most significant cryptocurrencies in the market.

Ethereum Classic Price Prediction: General price overview

According to Ethereum Classic’s recent price movements, the crypto coin seems to be taking the term frenzy to a new level. Of late, the crypto coin has been registering historical gains never seen before in the crypto market. The Ethereum fork recently recorded about 300 percent gains, with more than 50 percent being recorded in the last 24-hours. However, the soaring gains are at risk as technical and sentimental indicators project a sharp price reversal in the coming days.

To put things into perspective, it is worth noting a few statistics regarding the coin’s performance at the time of reporting.

1. In the last 24-hours, Ethereum Classic has registered the second-largest gain at over 50 percent.

2. In the past 3-days, the crypto token has registered an upsurge of over 150 percent.

3. Over the past 6-weeks, ETC has appreciated by over 1,100 percent.

4. On a monthly scale, Ethereum Classic has appreciated by over 280 percent.

5. Over In the past 6-months, the crypto asset has appreciated by more than 2,000 percent.

The aforementioned above statistics are but a few of the milestones this crypto asset has achieved recently. For instance, its daily Relative Strength Index (RSI) recently hit the 94 mark, the highest recording since cryptocurrency came to existence.

Ethereum Classic price movement in the past 24 hours

Ethereum Classic Price Prediction: ETC hits a new all-time high, but what is the secret behind its recent surge? 1
Source: TradingView

According to the coin’s price movement in the past 24-hours, Ethereum Classic’s intra-day high was about 3 percent below the 360 Fibo extension level of the 2018 bear season. This is an optimal region for a price correction to occur.

At present, it is hard to predict supply due to the bearish outlook. However, investors should be on the lookout for the 38 percent Fibonacci retracement level at $103 to buy the crypto coin in case it plunges. A fall past the $103 region would upset the bullish outlook and open the door for further declines towards the 50 percent retracement level at the $85 region.

Ethereum Classic 4-hour chart

Ethereum Classic Price Prediction: ETC hits a new all-time high, but what is the secret behind its recent surge? 2
Source: TradingView

Like the 24-hour price movement, the 4-hour chart paints a bearish picture for Ethereum Classic. However, further uptrends are expected once the crypto coin finds support.

Conclusion

Away from this, the question on everyone’s mind is why this crypto is recording such exorbitant gains? What could be the secret for a cryptocurrency trading at $35 in late April to $110 on 5 May? Well, the secret is the sudden market interest in Ethereum, ETC’s pricier sibling, and social media attention. At the moment, amateur investors are confusing Ethereum with Ethereum Classic hence the sudden uptrend. Others prefer the crypto coin due to its inexpensive cost compared to its costly sibling.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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