2018-10-12 17:30 |
Ethereum Classic (ETC) is highly likely to trade north of $100 by end of the year. This does not require a very bullish Bitcoin (BTC). In fact, if Bitcoin (BTC) trades around $10,000, that would do the job for Ethereum Classic (ETC). Considering that we still have approximately eighty days till the end of the year, Bitcoin (BTC) might easily reach that level. These are very conservative targets for both Ethereum Classic (ETC) and Bitcoin (BTC). If we see an influx of new capital in the cryptocurrency markets as expected, the situation could be a lot different. If Bitcoin (BTC) reaches a price of $25,000 by end of the year as predicted by Tom Lee of Fundstrat, Ethereum Classic (ETC) could reach a price of $500.
It is pertinent to note here that Ethereum Classic (ETC)’s rise in the latter half of the year will have more to do with its own fundamentals rather than a rising Bitcoin (BTC). In our previous analyses, we have discussed at length all the game changing events for Ethereum Classic (ETC) towards the end of 2018. Let us focus on the charts now. The above weekly chart for ETC/USD shows that Ethereum Classic (ETC) has just completed a giant bullish gartley pattern. This formation spans over a period of almost two years. If history is any indication, we will have a similar formation in the years to come, starting with a bullish cycle. ETC/USD is trading in a large ascending channel. It is expected to rise in this channel in the form of similar bullish gartley formations.
Technical indicators for ETC/USD show that Ethereum Classic (ETC) is ready to begin another bullish cycle. However, something interesting has happened this time. During the last bullish cycle, Ethereum Classic (ETC) was practically a dead project with little to note community interest. This time, Ethereum Classic (ETC) is a major player in the cryptocurrency space. Therefore, it would not be surprising at all if Ethereum Classic (ETC) rises more aggressively and breaks above the ascending channel. In other words, Ethereum Classic (ETC) could reach somewhere around $300 if it follows a more aggressive trajectory. Ethereum Classic (ETC)’s prospects have never appeared this bright since its existence. A relatively small period of correction soon makes us forget what similar cryptocurrencies have achieved in the past.
On January 2nd, 2017 Ethereum (ETH) was trading at the same price of $9.5 that Ethereum Classic (ETC) is currently trading it. Just like Ethereum Classic (ETC) it was about to begin a new trend. In the first six months, the price of ETH/USD reached $400 as shown on the chart. In the next six months, it reached $1,500. This (ETH) is a fork of Ethereum that is inherently flawed and corrupted. In addition to that, it has no fixed coin supply. Despite all of that, it pulled off a 150x rally in one year! I remember Ethereum (ETH) at $11 during February. Nobody wanted anything to do with it. However, when the price started to rally most people got onboard. The hype brought it to the spotlight and soon everyone could see its merits and demerits.
Same is the case with Ethereum Classic (ETC). We have seen a growing number of people talk about Ethereum Classic (ETC)’s qualities of immutability and decentralization. However, the majority of people in the market don’t care about values. They care about profitable investments. So, they might be aware of its fundamentals but they are not going to get involved before they see any pumps. When they do see those pumps, they will throw their money behind Ethereum Classic (ETC). Then they will champion the cause of immutability and decentralization to feel good about their investments. Sentiment does not take long to change, fundamentals do.
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