Is the Bearish Trend of ETC Going to be Profitable?

Ethereum Classic (ETC) is although a continuation of the original Ethereum blockchain, it is way too superior to its ancestor. This runs exactly as it is programmed with no possibility of downtime, third party interference, and censorship. All smart contracts on Ethereum Classic platform get executed automatically when conditions are fulfilled and the parties involved in this, cannot change the terms thereafter. So, this decentralized platform is an ideal cryptocurrency for its classic technology and added security features. All these features are sufficient enough to influence crypto investors all around the world regarding buying or selling ETC and thus, its price considerations are becoming a matter to concern with.

Current information about ETC

The current price of ETC as of 15th February 2019, is 4.13 USD (UTC time 6:11) and is still ranked at #18 among all the cryptocurrencies that are being traded now. Its market cap is currently getting traded at $447,672,436 USD with 24h volume set at $203,243,532 USD. So, if we compare to the current price of ETC to its yesterday’s price, we can see that there is hardly any change and a bearish trend is clearly dominant.

Price analysis of ETC on the basis of the Ethereum Classic Chart

On the basis of this chart, the current price of Ethereum is 4.14 USD or 0.00113853 BTC. Now, if we compare this to its earlier price of approximately one month back, we can see that on January 25, the price of ETC was 4.27 USD or 0.00119001 BTC. So, one can easily understand that a strong bearish trend has intensified and due to which the price of ETC is continuously deterring down. Within this period of one month, the price of ETC has deterred down considerably by -3.04%. On February 8, the price of ETC was 4.03 USD, and this supposedly has acted as a support level so far its fall in prices is concerned.

Future predictions of ETC prices on the basis of its recent value

The current resistance of ETC is 4.14 USD with its 24h volume of 204,432, 415USD and its market cap is traded at 447,928,889 USD (UTC time 6:35). From the above analysis and also as per the bearish trend that is predominant since last month, it is quite evident that in the upcoming days, the chances of ETC prices of getting higher is very less and there is no strong support level which can assure that prices of ETC will soon hike up.

Some crypto analysts while predicting the future price of ETC are already telling that ETC is a bad long-term investment. If investors are looking for cryptocurrencies that can give them higher returns, then they should not consider ETC in the upcoming days as of now. After its inception in 2015, it has seen only two booming periods. One was in the mid-2017, and the other was in early 2018. After this, the price of the Ethereum Classic is dropping down significantly, and the bearish trend line is persistent. The price of ETC had even fallen to $3.33 in last year losing 90% of its maximal value. So, it can be concluded that in the upcoming days, there is no guarantee that the price of ETC will hike up considerably giving positive hopes to the investors. It is thus, a safe-sided option not to splurge in ETC today.

Summing up

ETC, in spite being a trusted decentralized platform, great losses are getting incurred to its developers due to the significant presence of the bearish trend, and there is no hope in the upcoming days for getting a good return by investing on this crypto. Although, some analysts think that at the end of 2019, ETC prices can spark up, but as of now, there is no such hope. So, it is better for the investors and traders to remain vigilant regarding its regular price fluctuations and thus, investing in this crypto at the right time.

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About author
Jill Fortner is a professional news writer with background in IT and finance. She contributes in-depth news articles on world's leading cryptocurrencies. She has contributed to number of news sites till now. Recently, she joined us as a full time crypto news writer. In addition to writing, she loves to interview leading players of crypto industry.

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