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