It has not been a good time for Ethereum Classic (ETC) in the last two weeks. Since it broke support at $7, it has been on a freefall. This is largely due to the price collapse in the entire market. However, there could be short-term hope for Ethereum Classic (ETC). The market seems to have eased up and could have hit the bottom, or could be near the bottom. That’s because this is the second time that bitcoin has bounced back, after hitting a low of $3600.
Today, the whole market is up, and Ethereum Classic (ETC) is up by over 10%. If this momentum holds up, then Ethereum Classic (ETC) could retest $7 in the next few days. This could draw in investors looking to take positions on the premise that Ethereum Classic (ETC) could be at the bottom and the perception that it heavily undervalued relative to its all-time highs.
Ethereum Classic’s short-term prospects are further enhanced by the fact that it is getting listed on a major European exchange soon. BitPanda, a European exchange with over 900k users will be listing Ethereum Classic (ETC) on the 4th of December.
While exchange listings don’t mean much under current market conditions, where the selling pressure is high, this one could be different. It could be different if today’s market-wide pump persists until the time of listing. That’s because, if the pump holds into December, the excitement this pump would create in the market, could drive up investor speculation in cryptos that have positive news coming up, such as Ethereum Classic (ETC). But even if the current pump turns out to be a dead cat bounce, it would still positively impact on Ethereum Classic (ETC) since there will be a significant increase in volumes the moment the listing happens. Besides, in a market where nothing much is happening, investors are looking for short-term pumps for profit. This explains the random pumps that have been happening in recent weeks, and have little to do with fundamentals.
Long-term, the possible trajectory for Ethereum Classic (ETC) is upwards. This projection is based on overall market fundamentals and Ethereum Classic (ETC) specific fundamentals. Starting with the market-wide fundamentals, blockchain is here to stay, which means that there is room for cryptocurrencies to grow. Prove to this is in the increased institutional interest in this tech. For instance, a global company like Alibaba is already using blockchain and banks like JP Morgan are also making use of blockchain tech.
As this usage grows, the value of the crypto market will grow too. As for ETC specific fundamentals, the secure and immutable nature of the ETC blockchain will drive up its value. ETC has already been used in Brazil for voting on the basis of these capabilities. As these features get more appreciated in the market, the value of Ethereum Classic (ETC) will rise, on the basis of widespread adoption. Ethereum Classic (ETC) pumped in December when it didn’t have much in terms of widespread adoption. With its massively improved fundamentals, it could pump even more in the next crypto market run up.