ETC Coin Price Prediction

ETC Coin Price Prediction
ethereum-classic
ethereum-classic

Ethereum Classic (ETC)

Price
$27.88

What is Ethereum Classic (ETC)?

Ethereum Classic's home page

In April 2016, a then-revolutionary venture capital fund-like project, the DAO (decentralized autonomous organization), was initiated on Ethereum.

The DAO had a crowdsale lasting a month, raising over $150 million from more than 11 000 backers, making it one of the highest-funded campaigns in history. Sadly, in June 2016, several unknown users manipulated a weak point in the DAO’s code, enabling them to steal a reported $50 million.

Eventually, the DAO became defunct. To erase this disastrous event from Ethereum’s blockchain history, Ethereum Classic was created a month later as a hard fork. 

Essentially, some developers decided not to cancel out the hack’s effects by staying with the original Ethereum, while others controversially went their separate ways and created Ethereum Classic (ETC). 

ETC adhered to ‘code is law’ by not altering Ethereum’s history. Technically, both projects are very similar in their application and smart contract-building functionalities. 

Of course, ETC is far less influential than its predecessor, as evidenced by CoinMarketCap’s present #2 ranking in most traded cryptocurrencies. One ETC token is worth $27.88

So, is Ethereum Classic any good of a potential investment? We’ll explore some thoughts on this, along with ETC price prediction examination.

Is Ethereum Classic a good investment?

Ultimately, ETC has been overshadowed by its predecessor, Ethereum, in popularity and utilization. There isn’t as much development or media coverage with Classic.

Yet, it doesn’t necessarily make ETC a bad investment as the coin’s value shares a strong positive correlation with ETH. Also, the capabilities of both blockchains are quite similar, but Ethereum will always be superior.

Yet, it logically makes more sense to buy ETC than ETH based on the current price. With Ethereum, the market is near record highs; there is more ground to cover to reach the same point on ETC. 

Another interesting distinction with ETC is the coin has a fixed supply of 210.7 million (with 130.5 million or 62% currently in circulation).

Should I buy Ethereum Classic today: Crypto technical analysis for ETC

ETC TradingView chart on the 3-hour time frame

Presently, the Ethereum Classic coin price is $, or #. The short-term sentiment for ETC on the 3-hour time frame is somewhat neutral, trading within the range of $33-37 since December 15, 2021, as you can observe from the TradingView chart. 

The moving averages on the chart above are the 50-day (in orange) and 200-day (in blue) periods, of which the former stands above the price and the latter is crossed by the price chart occasionally. At the same time, the descending wedge pattern has formed since the beginning of December. I the price moves above the uppr range of the pattern, it will be the first indication of bullishnes.

To confirm the bullish sentiment, the price chart should be above both MA lines, as well as breaking through the $37 resistance level. Ultimately, it’s likely not a good time to buy ETC as the sentiment is neutral and slightly leaning towards the bearish side as dictated by the current bearish market trend. Even though the asset wil have appreciated before you can observe all the the three confirmation signals, wise traders will not rush to open new positions earlier.

However, traders would want to pay attention to this price action for any positive changes. Let’s now explore ETC price prediction observations for the next 12 months and 2025. 

Will ETC coin price hit $200 in a year?

ETC TradingView chart on the daily hour time-frame

Ethereum Classic reached an all-time high of $175 in May 2021. Like many other cryptocurrencies, ETC has experienced an incredible gain, with a year-to-date increase of 844%.

So, the next natural target is $200; could it get to this mark in a year? Some would be quick to expect the same stellar three-digit surge it has recently experienced. Yet, several algorithm-based forecasting sites paint a different, cautious picture.

Wallet Investor ETC price 2022 forecasts

The site predicts maximum prices of $112-$113, while Digitalcoin is even more conservative at $92. Let’s consider ETC’s annualized return from its all-time low ($0.47), current price ($53), and numbers of years in existence (let’s round it off to 5.5 years).

We’ll use the following formula: 

[(Ending value of investment / Beginning value of investment) ^ (1 / Number years held)] – 1

The result is 136%, meaning the average it has returned yearly considering the current price. If we assumed the same gain in the next 12 months, price would be worth $127. This analysis is another confirmation that ETC is unlikely to hit $200; but then again, it’s all speculation.

What is Ethereum Classic’s price prediction for 2025?

ETC TradingView chart on the weekly time frame

How are things looking for ETC in the long-term? Let’s consider the best and worst. 

Best-case scenario

Wallet Investor reflects a 2025 maximum ETC price prediction of $249 by the start of the year, representing a 4.49X return. 

Wallet Investor ETC 2025 price forecasts

This increase wouldn’t be uncommon for ETC and may be undervalued. 

Worst-case scenario

Generally, it’s better to stay on the safe side since no one knows for sure whether cryptocurrencies will experience an extended bear market as they’ve done several times before. As the cliché adage goes, only invest what you can afford to lose.

The best way to buy ETC

As one of the most accessible digital currencies in the space, you can purchase ETC from many reputable exchanges like Coinbase, Binance, Huobi, Gate.io, KuCoin, and many others.

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