Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum Classic => Topic started by: PRIBO247 on December 21, 2018, 06:01:28 PM
-
Ethereum Classic (ETC) had a good run but the price seems to
have run into a strong resistance for the time being. This means
that we are likely to see a sharp pullback to lower levels before the
rally can resume. For ETC/USD , this means completing the Inverse
Head & Shoulders pattern that it is trading in. A retracement will
complete the right shoulder for the IH&S which will enable
Ethereum Classic (ETC) to pierce through the resistance and rise
close to $10. Ethereum Classic (ETC) offers a good risk/reward for
long term investors but traders are reluctant to enter long
positions just yet because ETC/USD has been rejected strongly at
the resistance. The price is expected to retrace below $4 in the
days ahead and may settle around $3.6 before continuing
upwards.
Near term outlook for ETC/USD does not look good as the RSI is
heavily overbought and the price has run into a historical
resistance. However, a fall below $4 is not going to be easy this
time. That being said, the price is unlikely to rally higher without
falling below $4 first. It may take a while for ETC/USD to break
below key supports to form the right shoulder but it is bound to
happen nevertheless. Ethereum Classic (ETC) has a very low
probability of breaking past the current resistance at this point.
This means that over the weekend, we are likely to see the price
retrace to pave way for the IH&S to complete. That will enable
ETC/USD to garner the momentum to break past the resistance
and reach higher levels.
Many in the crypto community were surprised to see Ethereum
Classic (ETC) fall to such low levels given its strong
fundamentals, but then again we have seen all sorts of things
happen in this bear market. For instance, there was the hash war
between two groups that tore apart Bitcoin Cash (BCH). Most
cryptocurrencies were hit very hard by the bear market. By
comparison, Ethereum Classic (ETC) managed to do a lot better. If
it hadn’t been for the recent infighting that saw ETC Dev close
shop, we may never have seen Ethereum Classic (ETC) fall below
$5. That being said, this is a golden opportunity for people who
believe in the long term future of Ethereum Classic (ETC) to
accumulate at dirt cheap prices.
Of course it is not going to be easy because the fear and
uncertainty is at its peak. A lot of people are worried whether
Ethereum Classic (ETC) will be able to achieve its objectives in the
absence of ETC Dev. After all, it was ETC Dev that saved Ethereum
Classic (ETC) from becoming a dead coin after the Ethereum (ETH)
fork. There also remains a strong probability that many in the
Ethereum Classic (ETC) community are not pleased with the new
leadership under ETC Labs and may cash out to invest in other
projects. The risks are high, but so are the rewards.
https://cryptodaily.co.uk/2018/12/