Home Cryptocurrency Ethereum Classic Technical Analysis: February 05, 2019

Ethereum Classic Technical Analysis: February 05, 2019

Starting life as Ethereum, Ethereum Classic is a peer-to-peer computing platform and the main advantage of this cryptocurrency is that this platform is more secure compared to Ethereum’s platform. Ethereum Classic has its token ETC and according to analysts, this cryptocurrency might still be undervalued despite all current problems. The January has been a very negative month for the cryptocurrency market, all major cryptocurrencies are still falling and the price of Ethereum Classic is also pressured by this situation. Ethereum Classic currently stands around $3.8 and the first strong sign of recovery could be if the price jumps above $10. Although the price can weaken even more putting a reasonable amount of money into Ethereum Classic could potentially turn out to be a very good investment. This is a still very risky cryptocurrency but with the long-term prediction (5 – 7 years) of Ethereum Classic being around $100, it sure does make sense to invest in Ethereum Classic it the present time.

Technical analysis

The cryptocurrency market is pressured, all major cryptocurrencies are falling and according to current market sentiment, this trend is not over yet. As long the price is below $20 resistance there is no indication of the trend reversal and Ethereum Classic is in the sell zone(Big Investors are still in the short – SELL position on this cryptocurrency). The current resistance levels are $8, $10 and $12, $3 represents the current support level. It is very hard to predict where the price of Ethereum Classic will go, but if the price jumps above $10 it would probably reach $16 in the short time period. If the price jumps above $20 we have an open way to $30. If the price drops below $3 support that would be a strong “SELL” signal.

Recommendation: It is very hard to explain the actual value of Ethereum Classic and because of that, I would recommend everybody to be careful with investing in Ethereum Classic. Ethereum Classic has a short-term resistance area at $5 and it would take a break above this level to confirm a new leg higher towards the $8 resistance level. If the price jumps above $10 that could be a very good opportunity for the short term traders, short-term traders can put the stop-loss at $8 and take profit at $12 or above.

 

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