- Ethereum Classic (ETC) looks poised for a surge
- Technical indicators show that ETC could go up to $105
- Also, one reason that could help the altcoin surge is its upcoming ECIP-1103 upgrade
Ethereum Classic price poised for a surge. The altcoin has been outperforming the market recently but can it bounce back over the $100 resistance level?
The crypto market has been experiencing a rough ride. Many altcoins have sunk to less than half their value in less than a month. However, Ethereum Classic managed to rebound faster than most of the market. In addition, the altcoin has managed to hold its ground against the bearish market.
In fact, looking at Ethereum Classic price charts, the asset looks poised for a surge.
At the time of writing, ETC is trading at $55.01, down 67% from its May 8 all-time high of $167.09. However, looking at the crypto’s Fibonacci levels, ETC could go up to ranging from $74 to $105. The price rise depends on whether ETC manages to breach the $60 resistance level. Looking at RSI, ETC is just above 40 and is thus in the safe zone.
On the other hand, ETC price could fall to $9 if the market turns on the crypto.
Possible reasons why ETC has been outperforming the market could be the crypto’s recently announced new upgrade scheduled for July 21. The upgrade will implement ECIP-1103 and include ETH’s Berlin Upgrade.
Also, perhaps investors deem the altcoin a good asset to diversify into and hedge against Bitcoin and ETH volatility. ETC has a limited coin supply of 210 million. In comparison, sister blockchain ETH has an unlimited supply. As such, ETC’s token value is likely to appreciate once the blockchain reaches its maximum token supply.
In addition, the underway ETH 2.0 upgrade will help further differentiate ETC from its more popular sister ETH. In this case, ETC could prove to be a good way for investors to diversify their portfolios.
Finally, ETC holds sentimental value for those who wish to see what ETH would look like if the platform followed its initial roadmap.