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Ethereum Classic Price Prediction: Here’s Why ETC is Soaring

Ethereum Classic Price Prediction: Here’s Why ETC is Soaring

Last updated 5th Aug 2022
Disclosure
  • Ethereum Classic price has been in a strong bullish trend in the past few days.
  • AntPool announced a $10 million fund to develop its ecosystem.

Ethereum Classic price surged on Wednesday as investors cheered the new large investment in the ecosystem. The ETC token rose to a high of $27.22, which was the highest level since July 23rd. The token has risen by more than 115% from its lowest level this month, making it the best-performing large-cap coin.

Antpool investment

Ethereum Classic is a leading blockchain platform that emerged from Ethereum. It is a smart contract project that enables developers to build applications in all industries like Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and games.

Ethereum and Ethereum Classic are approaching the industry in a different perspective. For example, Ethereum is in a transition to becoming a proof-of-stake (PoS) platform while Ethereum Classic has stuck with the proof-of-work (PoW) concept.

ETC price has been in a strong bullish momentum in the next few days because of its correlation with Ethereum. Historically, many traders tend to buy ETC when Ethereum is rising.

Here’s how to buy Ethereum Classic.

Ethereum Classic rose on Wednesday after AntPool announced that it will unleash $10 million to support the Ethereum Classic ecosystem. It also plans to continue investing in the ecosystem.

Still, Ethereum Classic's ecosystem is significantly smaller than that of Ethereum. Some of the top applications in the ecosystem are Multichain, Canonical Wrapped Ether, Classic Rewards, MoonLama, and Token Factory among others.

On the other hand, Ethereum has some of the biggest blockchain platforms in the world. Some of the most notable names in Ethereum's mainnet are Aave, Uniswap, Compound, and dYdX among others.

Ethereum Classic price prediction

The four-hour chart shows that ETC price has been in a strong bullish trend in the past few days. It moved above the important resistance level at $25.66, which was the highest level since May 25th.

Ethereum Classic has jumped above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point of 50.

Therefore, the coin will likely continue rising as investors target the next key resistance level at $30. A drop below the support at $25.66 will invalidate the bullish view.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.