Ethereum Classic (ETC) In A Drop Base Rally After Game Changing Coinbase Announcement
Ethereum Classic (ETC) has shown strong signs of strength since the recent Coinbase announcement. Last week, we witnessed how Ethereum Classic (ETC) was one of the first few coins to stay in the green as the rest of the market tumbled with a weak Bitcoin (BTC). This shows that retail interest in Ethereum Classic (ETC) has grown significantly in the past few days and the price action reflects that. The price currently trades at a strong support line which it has held firmly since June 2017.
Ethereum Classic (ETC) is currently trading in a drop, base and rally formation after having marked a strong based just below $13. The price action seems to have benefited significantly from the recent Coinbase announcement stating that it is working on adding Ethereum Classic (ETC) to its list of offerings in the next few months. This announcement created a lot of uproar in the crypto community leaving much disappointment as Ethereum Classic (ETC) was added instead of their favorite coin. This outrage expressed itself in the form of negative posts and comments about Ethereum Classic (ETC) even after the announcement with some calling it a “dead coin” and an “Ethereum wannabe”. ETC Dev Lead, Anthony Lusardi took to Twitter to express his dismay over how unfortunate it is that people spread hate and negativity when “it’s not their thing”. However, as in any market, emotions are short lived and sense prevails in the long run.
Even those who joined the crypto space just last year might be able to tell how in early 2017 Twitter and Reddit used to be full of hate and negativity towards Ripple (XRP). Then the price started to spike and suddenly it was a favorite coin for most of these emotional fanboys. That’s the thing about sentiment. It is not hard to change sentiment but it is extremely hard to change fundamentals. So, if a cryptocurrency has good fundamentals, investors need not worry about temporary sentiment. This explains how Ethereum Classic (ETC) ended up on Coinbase and why strong hands including institutional investors are busy accumulating more during this bloodbath.
Ethereum Classic (ETC) did change overnight. Fundamentals are still the same. It’s just the interest and sentiment that has changed. This is why it is such a good deal for investors who were quick to realize the true potential of a hidden gem of a project in the early days and accumulated before the Coinbase announcement. Having said that, we do believe the price may come back to similar levels in the near future as Bitcoin (BTC) continues to trade sideways. That would also provide Ethereum Classic (ETC) accumulators more opportunity to buy and hold on their coins. The RSI level for Ethereum Classic (ETC) is currently trading in a falling wedge and can break out around July or August this year. On the weekly chart, Ethereum Classic (ETC) is still trading in a cypher pattern. It is poised for a rally to $25 short term before coming back to lower levels to complete the pattern.
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