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Ethereum Classic (ETC) has finally completed the correction. The weekly chart for ETC / USD shows that the price has already begun to manifest itself and is now struggling to overcome the 5 week EMA. This fight will continue for quite some time and this is why we are not yet able to see a series of bull runs or exuberant events. In fact, it will take a long time before we see Ethereum Classic (ETC) growing towards its historical maximum. First of all, we will see a long period of accumulation in which the price will be exchanged sideways for the most part. This prolonged period of sideways movement will allow long-term investors to accumulate more Ethereum Classic (ETC) before the start of the bull run in the second half of 2019.
The weekly chart for ETC / USD shows that the price has now broken resistance to the historic trend line. If we look at the RSI for the weekly chart, we can see that the resistance of the trend line extending until April 2017 has been interrupted for the first time. This is an important step forward for Ethereum Classic (ETC) in light of recent developments. The teams behind Ethereum Classic (ETC) are now more focused than ever before to allow promising projects to achieve their goals and build their own Dapp on the Ethchaum Classic (ETC) blockchain. ETC Labs has already started taking new startups under its wing as part of its ambitious Dapp development program. One of the reasons for the recent regime change that saw ETC Dev lose at ETC Labs was the feeling that Ethereum Classic (ETC) was late despite being a blockchain with enormous potential.
The management team of Digital Finance Group (DFG) certainly felt that way and they mentioned it in a statement released explaining the reasons behind their actions. However, we have reasons to believe that DFG was not the only entity to hear it. Many investors in the Ethereum Classic (ETC) felt the same way when they saw other platforms making progress while Ethereum Classic (ETC) did not go beyond the wallets and updates, at least in the public eye. There was a strong interest in Ethereum Classic (ETC) regarding its feasibility for the Internet of Things (IOT) application. There is no denying that ETC Dev did a lot of wonderful things for the Ethereum Classic (ETC) blockchain. In fact, if it were not for them, Ethereum Classic (ETC) would probably be a dead project today.
Chart for ETC / BTC (1W)
However, it is shocking to see that ETC Dev has not taken all the interest around IOT seriously as the community expected it to do. Ethereum Classic (ETC) being a decentralized and immutable blockchain is currently the perfect blockchain in the industry for such use. ETC Dev failed to meet the full IOT compatibility deadline of 30 November 2018, but what disappointed investors most was the delay in the year, but ETC's development team did not not even considered necessary to inform the general community about it.
During one of our previous analyzes, we said that the recent regime change of Ethereum Classic (ETC) could be a blessing in disguise. Supporters of Ethereum Classic (ETC) knew that such a move would raise some controversy due to the decentralization aura around the Ethereum Classic (ETC). However, they still felt the need to go on because they thought they could do a lot more with this blockchain. It is true that Ethereum Classic (ETC) may now be in the hands of people who are in it for money, but maybe it's not such a bad thing. If an investor were to choose between a control body that had nothing to lose compared to someone who had money to lose from their decisions, I'm sure he would choose the one with the money at stake. This is why in the coming months we may see a growing interest in investments in the Ethereum Classic (ETC), but it remains to be seen whether or not it can adhere to its original principles of decentralization and immutability.
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