Technical Analysis of Ethereum Classic

Starting life as Ethereum, Ethereum Classic (and its value token, ETC) 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 $100 in the next several years. When we look at the 1-year chart we can see that Ethereum Classic is moving in “downtrend”. The January 2019 has been a very negative month for the cryptocurrency market and all major cryptocurrencies are still under the pressure. As long Ethereum Classic is below $20 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $3 and $8 – If the Ethereum Classic jumps above $10 that would be a “BUY” signal and the open way to $12 or even $16. If the Ethereum Classic jumps above  $20 that could be a strong signal of the trend reversal and the open way to $30. On the other side, if the Ethereum Classic falls below $3 that will be a strong signal “SELL” signal and the next target could be around $2.5.

Advice: Ethereum Classic is a peer-to-peer computing platform and the main advantage of Ethereum Classic is that this platform is more secure compared to Ethereum’s platform. According to estimates, ETC is one of the cryptocurrencies which you should definitely not ignore and this cryptocurrency might still be undervalued despite all the problems. As for the technical picture, the Ethereum Classic remains in bearish phase but if the price advances above $10 next targets could be located around $12 and $15. On the other side, if the Ethereum Classic falls below $3 that will be a strong signal “SELL” signal and the next target could be around $2.5.

 

 

 

About Stanko 62 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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