Ethereum Classic (ETC) is handing by a thread as price trades lightly above the 50 day moving average. This is the only thing between ETC/USD holding its ground and crashing hard to a new low in 2019. So long as Bitcoin (BTC) continues to stall a move to the downside, Ethereum Classic (ETC) is expected to do the same.
In fact, if we see consolidation in the next few days, the price might actually take off towards $5 once again but any move to the upside will most likely be short lived and will be followed by a more aggressive move to the downside. Traders might want to wait before opening short positions but long term investors might start accumulating at current levels. Ethereum Classic (ETC) has been in the limelight recently for its aggressive Dapp development program thanks to ETC Labs.
Previously, Ethereum Classic (ETC) used to be more of a “cult coin” with a small but dedicated community. The rest of the market did not care much about what happened to ETC and the only people invested in this cryptocurrency were mostly tech geeks who understood the project and believed in its vision and mission. However, recently, we have seen a trend shift that has seen more people flock towards Ethereum Classic (ETC) for its qualities of
decentralization and immutability. The past few months of bear market have exposed some serious cracks in the inner workings of most blockchain projects which have made Ethereum Classic (ETC) more attractive from an investment standpoint.