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Ethereum Classic (ETC) has set a new low by stopping a critical support of $ 4.2 and settling just above $ 4. It is still likely to remain in the downtrend channel from which it has been trading since July. However, if the price breaks below $ 4, it is extremely likely to lead to a significant disadvantage. It is likely that a decline to $ 2.5 from current levels is rapid, but it may take a long time to recover from there. Ethereum Classic (ETC) has never been so underestimated in its entire history, but suffered the fall with Bitcoin (BTC) like the rest of the market. The daily RSI for ETC / USD has reached the lowest level ever. However, this does not mean that we can not expect a further downside.
Trading volume for ETC / USD is starting to recover but sales volume is still dominant. At present there is a serious lack of bullish interest for Ethereum Classic (ETC). The Ethereum Classic (ETC) development teams have recently become quite active on social media to announce their plans and results. Ethereum Classic (ETC) should have been fully compliant with the IOT by November 30 of this year, but ETC Dev Team did well to postpone it because it would not be an event given the current state of the market. In fact, Ethereum Classic (ETC) has seen many positive developments in recent months, but none of them seems to have had a positive impact on its price. The price has reacted more to bad news than good news, as one would expect in a bear market.
Chart for ETC / BTC (1D)
It is pertinent to mention that seeing Ethereum Classic (ETC) with a price below $ 4 is absolutely incredible. This continues to show how little understanding most of the different projects on the market have. It is also a very strong indicator that we are still at the beginning. It's like being in dot.com with people who see Amazon as a company that sells books. This is exactly what comes to mind when you think about Ethereum Classic (ETC) in its current phase. The majority believe that it is just another blockchain like Ethereum (ETH) or worse, a fork of Ethereum (ETH) and therefore has nothing new to add. They do not have much responsibility, considering the increasing number of useless coins we have seen on the market since last year.
Instead of taking their time to separate the grain from the straw, most people simply generalize and call a scam or a scam over the few over-valued coins they hold. Investing in cryptocurrencies at this stage is no different than investing in new technology startups during the era of dot com. In the early days, it did not really matter if you invested in Yahoo or Google, but soon times changed and then it made a difference. A few years ago, it would not have been important if I invested in Ethereum (ETH) or Ethereum Classic (ETC), but those days are long gone. In the next five or ten years, it will make all the difference when it is no longer about the blockchain, but about what you can actually do with the blockchain.
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