The cryptocurrency “ Ethereum Classic ” is up over 50% in the last 7 days! Today alone, the price has already risen by around 20%. This could be related to Ethereum’s current surge. Ethereum is also up around 9% today. In the 7-day view, the price has even risen by around 28%. But how could the Ethereum Classic price continue in the near future? Can you still buy ETC at current prices and make a profit? We at CryptoTicker take a closer look at Ethereum Classic and tell you about its next targets. Hint: you might want to hold your buying horses 😉
What Is Ethereum Classic (ETC)?
Ethereum Classic is a decentralized network that uses smart contracts to run decentralized applications. The network began operation in 2016 due to a hack of The DAO- a smart contract operating on the Ethereum network. Like Ethereum, it is an open-source and blockchain-based distributed cryptocurrency that runs on smart contracts. It is very similar to Ethereum because they share the same source and common origin. Like typical blockchain networks, its use cases include recording transactions of value. However, its uniqueness is that it can also be used as a distributed computer to run self-executing smart contracts. These smart contracts are independent and do not require third-party interference or enforcement. According to its developers, the network is a continuation of the unaltered history of the original Ethereum chain. The network also empowers DApps under it to issue their tokens, including NFTs. ETC is its native and utility token.
How high can Ethereum Classic reach?
The Ethereum Classic price is just before the first resistance. This is located at around $25. As this resistance could be reached soon, the Ethereum Classic price could be done with its rise soon. This would mean that the price could go down again. In the short term, the price is likely to rise another 10%. There are chances for the price to break the $25 resistance. Should this happen, the next step could be for price to rise to the nearest resistance. This is located at around $37.75. Thus, the course could possibly even rise by about 65%! However, you should not invest in Ethereum Classic if you do not expect the price to fall even lower than before.
Should you Buy Ethereum Classic?
It doesn’t matter if the Ethereum Classic price starts the correction now, after a 10% rise or after a nearly 65% rise, we expect that the price will sooner or later fall to the psychological $10 mark. In the past, the price has often received resistance and support at this point. As a result, we now expect the price to find support again at the $10 level. This could also be the bottom of this bear market. However, one should not commit to that. You should wait until January 2023. The first floors could be reached there.
