Ethereum Classic is the first version of Ethereum. This native cryptocurrency was created in 2016. At that time, Ethereum split into two chains due to some disputes. After the membership disagreement, the old chain remains as ETC. It later split from Ethereum.
The main difference between these two coins is scarcity. After the implementation of deflationary monetary policy, Ethereum Classic created a hard cap on the total. Deflationary monetary policy means that the number of coins created decreases over time. This is why Ethereum Classic is scarcer than Ethereum.
At the time of the spit, investors got the same amount of Ethereum Classic in their wallets for free. In addition, the supply forecast is also the same, but the difference lies in their monetary policy. ETC has better value than Ethereum. ETC supply is capped at 210.7 million, with a 20% drop per 5 million blocks.
Ethereum Classic price analysis
Ethereum Classic weekly price chart is neutral, showing frozen movement for the past few weeks. It is now standing at its initial support level of around $50. It also has a strong support level around $10.
On the weekly price chart, the ETC has an initial resistance level of $73 which it may not break now as there is no big news in the market. However, if it breaks, it could break the previous high of $119.
It is the ideal time to buy long term as it stands at a support level. However, let’s find out the MACD, MA, Bollinger Band and RSI indicators.
The MACD is bearish because the blue line is well below the red line, but it will move up soon. The RSI is in good condition of around 53, which indicates the upcoming uptrend.
Bollinger Band (BB) and Moving Average (MA) are neutral as the candlesticks move around the baselines.
All of these signs are either bullish or neutral, which means you will have to wait a few months for a bullish trend. Ethereum Classic has a good market value and will go up next year.
If you want to buy the coins, then it is the right time to bag more coins in the long term.
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