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Ethereum Classic is an open-source blockchain platform that offers decentralized applications and smart contracts. The best part is that it is a permissionless network, which means no permission is required to participate and contribute to the project.
It is a forked version of Ethereum created in 2016. After a major hack, the original blockchain underwent some changes, but some community members stuck to the older version of the blockchain, which is now known as Ethereum Classic. It runs on a PoW consensus like the previous version of Ethereum.
As an open-source network, anyone can join the network and use the features like smart contracts and dApps. The developers can easily access codes on this network, which helps to enhance productivity.
ETC is mainly used to pay gas fees on the network, but many people treat it as an asset like Bitcoin, which has the potential to replace the status of gold. That is why if you are interested in investing in ETC for the long term, read our technical analysis.
While writing, ETC was trading at $25.39, which is below the resistance of $28. Despite the most of the technical indicators are bullish and candlesticks are forming in the upper BB. At CryptoNewsZ, we believe it is not the right time to invest in ETC for the short term.
You can add it to your watch list and invest when it takes the support of around $28. The positive side is that Ethereum Classic has formed a higher low around $22, and it may form a higher high around $28, but you have to wait until it crosses the level decisively. Know our detailed ETC predictions by clicking here and take a better investment decision!
Even on the weekly chart, ETC candles have formed a higher low, which is a good sign for long-term investment. The last three bullish weekly candles are forming around the baseline of the Bollinger Bands with positive RSI.
That means if you are interested in long-term investment, it is the right time to accumulate some Ethereum Classic coins. However, you may wait until it takes support around $30 before investing for the long term.
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