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Ethereum Classic is likely to worsen further despite the significant drop from its all-time high. Contrary to popular sentiment, ETC / USD fell below $ 5 and continued to fall as low as $ 3. The number of people who believe the price may fall much more is now at the highest level shown by the rising number of short ETCUSDS. This belief is reinforced by the recent arrest of ETC Dev, an important development company that helped bring Ethereum Classic (ETC) into the spotlight after the hard fork of Ethereum (ETH). When ETC Dev announced its closure, the overwhelming majority of investors and cryptocurrency analysts have been prepared to react by stating that Ethereum Classic (ETC) is officially dead.
It is possible that the arrest of ETC Dev helped to bring the decline to $ 3 considering that Ethereum Classic (ETC) had previously done a good job defending from a fall below $ 4. That said, as we have seen in the past , such fundamental catalysts often end the job by offering what the graphs already show us. ETC / USD was ready for another decline that the ETC Dev arrest handed over. Ethereum Classic (ETC) is currently trading close to $ 4 but considering that Bitcoin (BTC) is expected to fall further, it would not be surprising to see Ethereum Classic (ETC) that a new annual minimum is forming. It is likely that the price will follow as shown in the ETC / USD table.
Chart for ETC / BTC (1W)
Ethereum Classic (ETC) is expected to continue trading at the top of the downtrend channel, but this is unlikely to happen before a new annual minimum test. If Bitcoin (BTC) falls to $ 3,000 then we can expect the price to fall below $ 3. That said, the price is now at the bottom of the channel and there is not much room for further disadvantages. It is very unlikely that Ethereum Classic (ETC) will break below this downtrend channel, which means that it is reasonable to expect the price to be corrected upwards in the coming weeks. The short-term correction is likely to push Ethereum Classic (ETC) to $ 9. However, the chances of another correction at the start of 2019 continue to loom.
The current state of the altcoin market points to a mini season alt in mid-2019. This will see cryptocurrencies as Ethereum Classic (ETC) increase by at least 500% compared to current levels. While the risks of further falls remain short-term, it should be noted that smart money is committed to accumulating at these long-term levels. Ethereum Classic (ETC) at current prices indicates two possible scenarios: either it is about to die or about to come to life. Considering that ETC Labs is funding the left and right start-ups to build the Ethereum Classic (ETC) blockchain, it is likely that they are starting.
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