Amidst the fierce sell-off in the broader crypto market, Ethereum Classic Price has held up well to the insanity. While it has fallen sharply from its ATH it is still up on a year-to-year basis.
At the beginning of 2021 ETC was at $5 per token. Since then it has risen to record highs of $178 before falling to around $63 per coin. Despite this massive 60% dip, it is still up by 900% for the year.
The price has now been hovering around the $61 – $72 range. While $72 is a short-term resistance level, a surge in price could push resistance to the $80 mark. If this happens, it could go a leg up and catapult to the $100 mark as well. However, this could be quite crucial for ETC.
While the ETC/USD appears to have consolidated inside the $60 to $70 range, the bullish flag implies it’s becoming progressively bullish. Bulls are still in charge, as evidenced by the recent rebound over the $50 mark, and they may be able to take it higher in June.
Key Catalysts to Aid the Price Surge
For the above-mentioned price movements to happen strong catalysts and developments are required. Here are some factors that could catapult the prices
Investment Influx – Bitcoin and Ethereum’s price volatility has made investors pivot to other tokens to diversify their portfolios. This factor has helped ETC gain some gaze as it has proved its potential to give returns.
Limited supply of tokens – As Etheruem plans on shifting to POS, Ethereum Classic is on course to becoming the only smart programmable blockchain with a fixed supply of proof of work. Since the total number of coins is limited to 210 million, it is possible that it will become more valuable as more coins are minted.
Eth 2.0 – Etheruem’s positive price rallies have had an impact on ETC as it is a sister pair. It is believed ETC will have more relevance and individuality after eth2.0 comes to force.
Magneto Upgrade – Ethereum Classic has recently announced its new upgrade scheduled on 21st July. The upgrade will implement ECIP-1103 and include ETH’s Berlin Upgrade.
Well, there’s a possibility of a downside too. The $60 level is a crucial support level, below which ETC/USD is vulnerable to price plunge. If the support level is breached, bears may push the pair lower, most likely to the $48 level, the next significant support level
Hence, To have any hope of rising back to the $100 market and all-time highs, Ethereum Classic must hold above the $60 level.