Ethereum Classic Price Prediction: ETC/USD Approach Key Resistance

Ethereum Classic price has today moved up more than 20% after the cryptocurrency exchange Coinbase announced that it would add ETC as a fifth digital asset to its trading platform in coming months.

Coinbase currently offers support for four digital assets, that includes Bitcoin (BTC), Bitcoin Cash (BCH), ETH, and Litecoin (LTC). Coinbase is expected to announce a launch date of ETC once the final phase of technical integration is complete, which is expected to take several months.

Coinbase in May had announced its intention to support ERC20 tokens and Bitcoin forks on the exchange, but did not reveal the future candidates for new listed assets. However, ETC was an obvious candidate for being a new listed asset.

History of Ethereum Classic

Ethereum Classic is born through a hard fork initiated on Ethereum blockchain after the DAO attack, and was created in 2016 by a faction of developers who do not want a modification of the original cryptocurrency.

Currently ETC is the 18th most valuable digital currency and has the market cap of approximately $1.56 billion is dwarfed by that of Ethereum ($53.3 billion) and of Bitcoin ($117.8 billion).

Key Players

Barry Silbert: Ethereum Classic Investment Trust

Barry Silbert’s Grayscale Investments, an investment firm that was commenced for purchasing Bitcoin and Ethereum Classic easy for the regular investors. The ETC Trust purchases and secures Ethereum Classic tokens on the shareholders’ behalf, and takes a small premium on each share sold.

Charles Hoskinson: IOHK

IOHK supports Charles Hoskinson supports the development of Ethereum Classic through their development team.

ETC/USD Price Chart

On the announcement by Coinbase, Ethereum Classic price rose up from around $13 to over $16 in an hour. ETC made the bottom at a level of $12, which is the lowest level since November 2017 and rose up to the level of $16.00. Currently, ETC/USD is trading at $15.67, and has the major long-term resistance at level of $17.60, created by 100-DMA.

Ethereum Classic price prediction

ETC is trading at the level of $15.67 and is expected to move up upon the listing on Coinbase. Further, Ethereum classic is based on the original Ethereum cryptocurrency.

It is expected that ETC will move up to a level of $30 by the end of 2018. Moreover, ETC is expected to appreciate five times in five years. Therefore, if the investors hold it for longer terms, they will get very good returns.

However, the traders should always keep an eye on the portfolio and take position with the stop loss, which means ETC should not break the level of $13.