Ethereum Classic was a fork of Ethereum that happened because of a hack on the DAO, which was a complex Ethereum smart contract. The money stolen couldn’t be accessible for 28 days so the Ethereum community had 2 options, a soft or a hard fork.
Eventually, it was decided that a hard fork was the best course of action and Ethereum Classic was created. Ethereum Classic software doesn’t allow updates which means ETC can never switch from PoW to PoS like Ethereum did. A lot of people are still using Ethereum Classic though, and it’s still one of the top cryptocurrencies in the market.
ETC is currently ranked 20th by Market Capitalization and enjoys huge daily trading volume of around $1 billion today and around $700 million on average.
The daily downtrend is clearly still in place and will certainly not change any time soon unless the whole market recovers miraculously. The weekly chart isn't any better as ETC has been in a downtrend here for months. Again, it looks really tough for the bulls to change this trend any time soon.
Finally, the monthly chart could be somewhat helpful for the bulls as they are at least trying to set a higher low compared to $3.65 but they are only hoping to set an Equilibrium pattern at most. The RSI is overextended here and could help the bulls see a small bounce but it remains to be seen.
Considering all the charts are showing a downtrend, we don't see ETC recovering any time soon, although the bulls could see some upside action before the bears take over again. It's possible for ETC to jump back up to $5-6 by the end of 2019 but the continuation is definitely still going to be bearish. The minimum value for ETC would be around $3.
These are definitely major updates and it's great that they have transparency by showing the users what's next, however, the recent downtrend on all time-frames will be tough to beat. ETC could certainly overcome it by 2020 but the momentum wouldn't be too strong.
We believe ETC could hit $6-7 by the end of 2020 if the bulls are able to set an uptrend on all time-frames by then.
If 2020 is able to set an uptrend for ETC, we think it could hit an all-time high again in 2023 as we believe useful altcoins will see a huge bull run by then.
If everything goes as planned for ETC, we could easily see the bulls push ETC above $50 and perhaps even touch $100.
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