One major shift could push the exponential moving average (EMA) of Ethereum Classic (ETC) in a direction that brings the bulls out in force. Analyzing the latest Ethereum Classic price movements, the 10-week EMA was a shade off the coin’s 21-week EMA. In real terms, the price of ETC has essentially levelled out since March. Although there has been a dip, the Ethereum Classic price in dollars appears to have found its level within the $10-$15 range.
Stable Lines Show a Sign of Strength in Bearish Times
For those thinking about buying Ethereum Classic online, the stabilization comes as a time when other cryptocurrencies are battling to stay afloat. Indeed, as its counterpart, Ethereum, struggles to win confidence from developers and investors, momentum is gathering behind ETC. For industry analysts, the price of Ethereum Classic could top $100 by the close of 2018. Given its current position, that would be a huge leap. However, the bulls appear to be pinning a lot of hope on the token’s listing on Coinbase.
Given the appeal of Coinbase to casual investors, the listing should spark a rush of activity as we move towards the end of the year. As well as Coinbase offering more ways to buy Ethereum Classic, Bitvo is now offering ETC trades, while UTRUST is bidding to make the coin easier to spend. As analysis from Imperial University has suggested, the way for any crypto to gain real traction is to prove it can be a mainstream commodity. Although UTRUST may not be as familiar to consumers as PayPal, it does make it possible to spend ETC in a user-friendly way. Between this and the increased opportunities to buy/sell tokens, the price increase could certainly be on the cards.
ETC Price Has Potential Heading into 2019
However, what’s unclear at this point is whether the ETC price chart will really surpass $100 by December. Even the strongest performing cryptos have struggled this year. Given that people are now more cautious than they were during the 2017 rush, it’s hard to see where a 10x ETC price jump will come from over the next two months. Of course, anything can happen and there is certainly a lot to be positive about with this crypto. In reality though, something more realistic like 2x is more likely.
Indeed, if we assume the average price line is now within the $10-$15 range, a positive push on Coinbase could see that move into the $25-$30 bracket by the end of 2018. Again, that’s by no means a certainty, as even the mighty Bitcoin (BTC) has struggled to display any real signs of strength this year. However, as 2019 looms, Ethereum Classic does appear to be one of the more interesting assets that many casual crypto followers seem to be undervaluing at the moment.
*Information in this article should not be taken as investment advice.