For the past one week, Ethereum Classic (ETC) has been trading in a range between $9.01 and $9.19. This is a good indicator that the market is entering into a consolidation phase and that a breakout is imminent. But in which direction will it go? Will it breakout upwards or downwards? From a look at the overall market trends, Ethereum Classic will most likely break out bullish. Several factors point to the possibility of an Ethereum Classic (ETC) bull rally within 2018.
- Bitcoin (BTC) is showing bullish sentiment
Bitcoin is an important factor in crypto that cannot be wished away. That’s because when it moves, the entire market moves with it. It’s actually the main reason why Ethereum Classic (ETC) and the rest of the altcoins market is down, in spite of significant technical progress in 2018. The good thing is that, if it turns bullish, it could pull the rest of the market with it, and this could have a huge influence on Ethereum Classic. There are a number of factors that support the possibility of a Bitcoin bull run this year. The most important one is Bakkt.
Bakkt bitcoin futures will start trading on the 12th of December, and there is a heavy expectation that this will have a positive impact on the price of bitcoin (BTC). That’s because unlike the CBOE futures that are based on the prevailing price of BTC, Bakkt futures will be physically settled. This could stir demand for BTC and drive up its value. If this comes true, then Ethereum Classic too could moon and possibly end the year at over $20.
- There is more awareness about ETC than ever before
Like most top altcoins, Ethereum Classic has made tremendous progress in 2018. A series of events have made it better known and appreciated in the market than it was in 2017. The most important of these is the listing of Ethereum Classic (ETC) on Coinbase. Coinbase put Ethereum Classic on the map this year because not many people were expecting it. This made lots of people get to know about Ethereum Classic and appreciate it for its core fundamentals.
The other major event was the voting by a major Brazilian organization on the ETC blockchain, which revealed the capabilities of this crypto to the masses. With this awareness, more investors will FOMO into Ethereum Classic (ETC) in case of a market-wide rally.
- Ethereum Classic (ETC) is highly undervalued
In 2018, Ethereum Classic (ETC) has lost over 80% of its value. But it has also made tremendous gains in terms of technical development, and awareness in this period. This makes it highly undervalued at its current prices. In essence, if the market turns bullish, which is highly anticipated, the value of this crypto could rise significantly before the end of December. Besides, it is one of the cheaper cryptos on Coinbase. As such, if there is a market rally, investors chasing the market, would opt for cheaper altcoins, and ETC is one of those, and it’s on Coinbase. This could easily push it back to its all-time highs.