Ethereum Classic (ETC) Spring Board Is Atlantis, Prices May Halve To $3.5

Dalmas Ngetich

Last Updated: June 11, 2024 5:31 pm

2 mins read

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Ethereum Classic (ETC) down 7.8 percent
Atlantis may prime ETC bulls aiming at $25

By syncing with other assets, ETC gains were decent. At a precipice, there must be upswings above $10 to reaffirm the presence of buyers ahead of September 2019 Atlantis upgrade.

Ethereum Classic Price Analysis

Fundamentals

Like Ethereum, Ethereum Classic retained smart contracting capabilities and immutability. Following the Decentralized Autonomous Organization (DAO) hack, Vitalik and team forced a split. Meanwhile, Charles Hoskinson, and purists of blockchain principles, rejected tweaks to recover the lost millions.

All the same, it has been a tough journey for Ethereum Classic. Last year was mainly testing. One of the development wings closed doors citing lack of funds. Ethereum Classic is bouncing back, quite literally.

Announced earlier this week, Metronome and ETC Labs will be partnering to improve interoperability. Through this arrangement, Metronome, a blockchain project with a focus of enhancing dApp portability, reliance, and governance, will reap huge benefits. Specifically, its currency, MET, will be fluid, interoperable between Ethereum and Ethereum Classic blockchains. And it gets better.

Atlantis will precede Agharta. The objective in this definitive hard fork is to incorporate ten Ethereum Classic Improvement Proposals (ECIPs). According to Steven Lohja of ETC Labs Core, the goal is to “add support for a subset of protocol-impacting changes introduced in the Ethereum Foundation (ETH) network via the Spurious Dragon and Byzantium hard forks.”

Later, Agharta will “enable the Ethereum Foundation Constantinople and Petersburg network protocol upgrades on the Ethereum Classic network, further maximizing ETC–ETH compatibility.”

Candlestick Arrangement

Presently, ETC is down the liquidity leader board. Week-to-date, the coin is down 7.8 percent but could slide lower if candlestick arrangement leads. ETC is under pressure.

Even though the rebound has been impressive and aligning to BTC’s good fortunes, bears are firm. In a bear breakout pattern, stops are at $10.

From the chart, there is resistance for higher high following this week’s drop and the printing of a bear candlestick, cooling off May upsurges.

Unless otherwise there is a high-volume breakout, canceling losses of Q3-4 2019 and shaking out losses of this week as ETC surge past $10, then traders can buy the dips.

For now, and in light of the above, a safe bet is to exit longs and wait for a pullback preferably back to $5.5.

Technical Indicators

This week’s bar is conspicuous with high participation of 1.8 million. Aforementioned, confirmation of bulls driving prices above $10 ought to be with high trading volumes exceeding 1.8 million. After that, targets will be at $25 as ETC chart a new trajectory. Conversely, odds are ETC will temporarily dip to $5.5 in a retest before bulls snap back to trend.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.