Ethereum Classic (ETC) just like most cryptocurrencies broke below many critical levels during this correction. It broke market structure trading against the US Dollar (USD) and ultimately settled around $4. Ethereum Classic (ETC) demonstrated significant weakness trading against USD but it has remained incredible strong against Bitcoin (BTC). If we look at the above daily chart for ETC/BTC, we can see that Ethereum Classic (ETC) has held all critical levels against Bitcoin (BTC) so far. It has managed to remain above the trend line and is now ready for a move up as the market recovers. The expected move in play here is that Ethereum Classic (ETC) might rise against Bitcoin (BTC) during the mini altcoin rally that is to follow after the recovery.

Ethereum Classic (ETC) is not likely to break out of the current downtrend against Bitcoin (BTC) anytime soon. It might rise or fall within the wedge but it is unlikely to break out till late 2019. Trading volume has returned back to the market and Ethereum Classic (ETC) remains in the top 10 in terms of trading volume. A lot of new exchanges and wallets are adding ETC Support and adoption is expected to rise explosively after the correction. It is pertinent to note that a lot of people that held Ethereum Classic (ETC) before the correction felt betrayed that Ethereum Classic (ETC) did not make similar gains as the rest of the market during the previous rally. Most of them seem to be out of the market now as they have sold their ETC to stronger hands that don’t care about short term sentiment.





The circumstances of Ethereum Classic (ETC)’s inception were unfortunate. First the people who migrated to Ethereum (ETH) wanted to choke Ethereum Classic (ETC) by dumping their ETC coins on open market to lower its price and crush demand for ETC. Later, the hackers of the DAO attack sold their stash which further decreased the price of ETC/USD. After that, a lot of quick buck artists bought ETC because they thought it would be the next Ethereum (ETH) in terms of price gains. When it did not appreciate in price the same way, they dumped their tokens for altcoins. All of those people are not likely to return to the market again but that is a good thing. Even stronger hands are buying Ethereum Classic (ETC) and they are not likely to sell based on FUD or FOMO.

Ethereum Classic (ETC) did not react favorably to a lot of favorable developments during the bear market. However, people who invest in digital assets for 5 to 10 years or longer have been taking note. They were constantly watching the market for promising projects that would do the best in the long term. Retail investors like to invest in coins like Tron (TRX) or Zilliqa (ZIL) that overpromise but under deliver. That does not matter to them because they are in the pump and dump game. However, long term investors care about the actual use of a project beyond its blockchain. We have a lot of blockchain projects in the market, but the real question is, “What are they going to do with those blockchains?”