Ethereum Classic Price Prediction 2024: ETC Price Analysis
What's next for Ethereum Classic?
Key Takeaways
- The Ethereum ETF went live in July 2024, potentially sparking an interest in Ethereum Classic.
- ETC was founded after a hard fork from Ethereum in 2016 and still uses a Proof-of-Work consensus mechanism.
- Our price predictions suggest the ETC price can reach a new all-time high in the current market cycle.
Ethereum Classic was founded as a hard fork from Ethereum, resulting in a disagreement on how to roll back funds after the DAO hack.
The original blockchain was split into two parts, but ETC still uses the original chain in which the funds were hacked. However, the majority voted to roll back the hack and return the stolen funds, moving on to Ethereum.
On July 30, 2024, ETC was worth $22.89.
Let’s now take a look at our price predictions for Ethereum Classic, made on July 30, 2024. We will also examine the ETC price history and discuss what ETC is and what it does.
Ethereum Classic Price Prediction
Here are the Ethereum Classic price predictions from CCN on July 30, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, should be taken cautiously.
| Minimum ETC Price Prediction | Average ETC Price Prediction | Maximum ETC Price Prediction | |
|---|---|---|---|
| 2024 | $24 | $35 | $45 |
| 2025 | $105 | $105 | $105 |
| 2030 | $95 | $115 | $135 |
CCN employed a dual-method approach to generate Ethereum Classic (ETC) crypto price predictions. The two primary methods used were:
Fractal Analysis: This method involves identifying and mirroring historical price movements and indicator readings to forecast future price action.
Wave Count Analysis: This method involves analyzing the crypto’s price movements regarding wave patterns to predict future price trends.
The two methods generated separate price predictions, which were then combined to produce a comprehensive forecast. The mean of the two predictions sets the average ETC price prediction; the more bullish prediction establishes the maximum price target, and the more bearish prediction sets the minimum price target.
This approach aims to provide a more nuanced understanding of ETC’s potential price movements, giving investors a valuable edge in the market.
Fractal Method
In January 2018, the ETC price reached its all-time high and then began to fall. After reaching a bottom in November, The price created a long-term symmetrical triangle.
The breakout from it marked the start of the next upward movement that led to the next all-time high price. ETC broke out three times after touching the resistance trend line (black icons). During this time, the weekly RSI moved freely above and below 50.
After its all-time high in 2021, ETC reached its low in June 2022. The price has increased since, trading inside a similar symmetrical triangle, a period in which the RSI moved freely above and below 50.
However, the resistance trend line has only been touched twice. If the previous fractal is followed, ETC will make another failed breakout attempt before finally moving outside the triangle’s confines.
In 2023 and 2024, the duration between the two touches of resistance was 1.63 times longer. So, we assume that the entire triangle will have the same ratio. Doing so suggests the ETC price will break out in May 2025.
The height of the second triangle is roughly 0.5 times that of the first one, so we assume the breakout will also have the same ratio. This prediction leads to a new Ethereum Classic all-time high price of $237 in September 2025.
Applying the fractal method, the most likely ETC price prediction is $24 for the end of 2024 before a pump takes it to $105 by the end of 2025.
Wave Count Method
The most likely wave count suggests that ETC started a five-wave increase in June 2023. If accurate, ETC is currently in the first portion of the third wave. We use the 2.61 extension of wave one to figure out the top of wave five and the 4.61 extension of the same wave (black) for the top of the entire movement.
The Fib time zone tool suggests the high will be reached in April 2026.
The wave count method gives an Ethereum Classic price prediction of $45 for the end of 2024 and $105 for the end of 2025.
Finally, we used the daily rate of increase for the past five years to make an Ethereum Classic price prediction for the end of 2030. Since July 2020, the ETC price has increased at a daily rate of increase of 0.20%. Projecting this increase until the end of 2030 gives an ETC price prediction of $115.
Ethereum Classic Price Prediction for 2024
The wave count and fractal method predict Ethereum Classic’s price of $25 and $45, respectively, by the end of 2024.
Ethereum Classic Price Prediction for 2025
The wave count and fractal methods give identical price predictions for the end of 2025. Even though the fractal method suggests ETC will be corrected and the wave count still predicts an upward trend, the actual target of $105 is the same.
Ethereum Classic Price Prediction for 2030
Using the daily rate of increase for the past four years, the ETC price prediction range for the end of 2030 is $95 – $135.
ETC Price Analysis
The daily time frame ETC price chart shows an increase alongside an ascending support trend line since June 2023. During this time, the trend line has been validated four times (white icons). The most recent was on July 5, which saved a breakdown from the trend line and created a long lower wick.
The daily MACD supports the ongoing upward movement since it has generated a bullish divergence and is increasing above 50. As a result, it predicts an increase toward the $25 horizontal resistance area and eventual breakout. If this happens, the price of ETC will increase to the next resistance of $33.50.
Short-Term Ethereum Classic Price Prediction
The Ethereum Classic price prediction for the next 24 hours hinges on an increase toward the $25 resistance area and eventual breakout. A similar rate of increase will lead to a gradual ascent until the second half of August, at which time ETC will break out and increase toward $27.
Ethereum Classic Average True Range (ATR): ETC Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.
On July 30, 2024, the weekly ATR for ETC was 4.20, a sign of low volatility. The ATR has fallen since January 2022. Divided by the $22.80 ETC price, the ATR is 0.19.
Ethereum Classic Relative Strength Index (RSI): Is ETC Oversold or Undersold?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
On July 30, 2024, ETC’s weekly RSI was at 45, a sign of a bearish trend. The weekly RSI broke down below 50 in March.
Ethereum Classic Market Cap to TVL Ratio
The Market Cap to Total Value Locked (TVL) ratio measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts. This ratio shows the project’s utilization and links the platform’s health to the value of locked assets.
A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets.
On July 30, 2024, the Ethereum Classic TVL ratio was 7,052, indicating a massive overvaluation.
Best Days and Months to Buy Ethereum Classic
We examined the ETC price history and found the lowest prices on certain days, months, quarters, and even weeks in the year, indicating the best times to buy ETC.
| Time to Buy ETC | Best Days, Weeks, Months and Quarters |
|---|---|
| Best Day | Monday |
| Best Week | 31 |
| Best Month | April |
| Best Quarter | Quarter 2 |
ETC Price Performance Comparison
ETC is a smart contracts platform, so let’s compare it with other similar platforms.
ETC Price History
Let’s now examine the Ethereum Classic (ETC) price history. While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us useful context when making or interpreting an Ethereum Classic price prediction.
2016-2018: ETC entered the market in 2016 at around $2.08. It fell below $1 but recovered to surpass $40 during the late 2017/early 2018 market bubble.
2019-2021: After enduring the crypto winter, ETC surged during the early 2021 bull run, reaching an all-time high of $176.16 on May 6. It ended the year at $34.12.
2022: Despite a tough year for crypto, ETC outperformed the market. It peaked at over $50 in March but fell to a low of $12.60 on June 18. After a brief recovery, the FTX collapse saw it end the year at $15.69.
2023: ETC had a mixed year. It hit $24.79 on February 4 before dropping to $16.25 following the Silvergate bank collapse. It rebounded to over $20 but declined again with market turbulence, closing the year at $21.92, up about 40%.
2024: ETC rose to $32.36 on January 12 but fell back. It recovered to $39.62 on March 9 but fell again, ending April around $27.10. In July, after the SEC approved an ETH ETF, ETC was worth $22.82.
| Period | Ethereum Classic Price |
|---|---|
| Last Week (July 23, 2024) | $24.63 |
| Last Month (June 30, 2024) | $23.18 |
| Three Months Ago (April 30, 2024) | $24.50 |
| One Year Ago (July 30, 2024) | $18.49 |
| Five Years Ago (July 30, 2019) | $6.21 |
| Launch price (July 25, 2016) | $0.93 |
| All-time high (May 9, 2021) | $127.33 |
| All-time low (July 25, 2016) | $0.93 |
Ethereum Classic Market Cap
The market capitalization, or market cap, is the sum of the total number of ETC in circulation multiplied by its price. On July 30, 2024, Ethereum Classic’s market cap was $3.381 billion, making it the 29th largest crypto by that metric.
Who Owns the Most Ethereum Classic (ETC)?
On July 30, 2024, one wallet held 17.68% of the supply of Ethereum Classic.
Richest ETC Wallet Addresses
As of July 30, 2024, the top five wallets with the most Ethereum Classic were:
- 0x13cdee29cad8e11523095900e2195088ed6d02ad. This wallet held 37,246,570 ETC or 17.68% of the supply.
- 0x00cd5bf5bfb8fd1d139ef486ce35b8dfc00ade91. This wallet held 12,680,001 ETC or 6.02% of the supply.
- 0xd4e36ae112915c9b18700505ee5898b562af5d4d. This wallet held 12,336,154 ETC or 5.85% of the supply.
- 0x8793291670607ddf746a49b6b3faf6627a5e494f. This wallet held 4,106,828 ETC or 1.95% of the supply.
- 0x5e8f0e63e7614c47079a41ad4c37be7def06df5a. This wallet held 3,360,332 ETC or 1.59% of the supply.
ETC Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Maximum Supply | 210,700,000 |
| Circulating supply as of July 30, 2024 | 148,207,730 (70.02% of maximum supply) |
| Holder distribution as of July 30, 2024 | The top 10 holders own 37.05% of the maximum supply |
From the Ethereum Classic Whitepaper
In its technical documentation or whitepaper , Ethereum Classic says it was founded on the principle that Ethereum must remain “free from censorship, fraud or third-party interference.”
It says: “In realizing that the blockchain represents absolute truth, we stand by it, supporting its immutability and its future.”
Ethereum Classic (ETC) Explained
Ethereum Classic was founded in 2016 after a hard fork, or split, from the Ethereum (ETH) blockchain. This happened after a hack stole 3.6 million ETH.
The anonymous Ethereum users who founded Ethereum Classic – which uses the original version of Ethereum – held by the principle that “code is law,” claiming there was no reason to go to extreme lengths following the hack.
People are able to use the Ethereum Classic blockchain to build decentralized applications (DApps).
Ethereum Classic is supported by its eponymous native token, which goes by the ticker handle, ETC.
How Ethereum Classic Works
One of the biggest differences between Ethereum Classic and Ethereum is the fact that the former uses a Proof-of-Work (PoW) consensus mechanism. This means people verify transactions and add blocks to the blockchain by solving increasingly complex mathematical equations.
Ethereum itself used to use PoW but transitioned to Proof-of-Stake (PoS), where people add blocks based on how much ETH they hold, in September 2022.
The system helps developers create DApps by using smart contracts and computer programs that execute automatically when certain conditions are met.
The ETC coin itself is used as a reward for miners. People can also buy, sell, and trade it on exchanges.
Is Ethereum Classic a Good Investment?
It is difficult to tell right now.
The coin has always been a cheaper alternative to ETH. However, now that Ether is a Proof-of-Stake coin, people who prefer a PoW network might move to Ethereum Classic.
The coin may have risen in value in 2023 but underperformed that market, which may be a sign of caution.
The fact that nobody considers Ethereum Classic an unregistered security is also good news for the coin.
On the other hand, ETC feels destined to operate in its predecessor’s shadow, which could limit its potential growth.
And, right now, it’s hard to say if – and what entity – the SEC’s decision on an ETH ETF may impact ETC price.
As always with crypto, you should do your own research before deciding whether or not to invest in ETC.
Will Ethereum Classic go up or down?
No one can really tell right now. CaptainAltCoin expects ETC to lose all its value in the next five years. On the other hand, other sites have largely positive Ethereum Classic crypto price predictions.
Remember, though, that price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can and do go down as well as up.
Should I invest in Ethereum Classic?
Before you decide whether or not to invest in Ethereum Classic, you will have to do your own research, not only on ETC, but on other related coins and tokens such as Ethereum itself.
Either way, you must also ensure that you never invest more money than you can afford to lose.
FAQs
Will Ethereum Classic Reach $100?
Our price predictions suggest that Ethereum classic can reach a high above $100 in the current market cycle.
What is Ethereum Classic used for?
The ETC crypto rewards miners on the Ethereum Classic blockchain. It can also be bought, sold, or traded on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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