Crypto Analysis Report 8-8-18 Ethereum Classic...Don't Believe The Hype
This past Friday, Coinbase has announced that it is in the final stages of testing support for ethereum classic (ETC) as it prepares to offer the support to buy and sell the ETC on Coinbase Custody, Coinbase Markets, Coinbase Pro, Coinbase Prime, etc. Based on a previous announcement, Coinbase is focusing on ERC20 tokens Bitcoin forks.
ETC is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016. A “fork” is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history.
In May 2016, the Decentralized Autonomous Organization (DAO), lauched by the Ethereum community, went for a crowd token sale to fund its development. After raising $150 MM, a flaw in DAO’s code was exploited by attackers and more than $50 million was drained out of DAO’s funds. A hard fork, ETC was implemented on the Ethereum that made the hacked transaction invalid.
One of the main difference between Ethereum and ETC is the coin supply. Ethereum has a uncapped total, but fixed yearly supply. ETC is set to between 210 MM and 230 MM ETCs. Also, Ethereum is planning to move to proof of stake and ETC is not willing to make. It appears ETC doesn’t have the same size or engaged community like Ethereum based on DApps and ICO launchings. Lastly and probably most importantly, Ethereum co-founder Vitalik Buterin has no intent of supporting ETC.
Thus, it will be interesting to see what the price of ETC does when it starts trading on Coinbase, but nevertheless, lets go to the charts.
Price dripped its toes in the daily demand zone at $12 at the beginning of June, but has been basing between $12 and $19 ever since, but popped out of the range today as Coinbase starts transacting buy and sell orders.
The $24.50 level has served as a nice support/resistance line. There is also daily supply at $28 and $36. Although the price of ETC is 4X less than Litecoin, 10X less than Ethereum and although I anticipate retail investors buying ETC up, I don't seeing any meaning move to the upside until price takes out the $24 level.
Published on
by rollandthomas
This is great. The more coins Coinbase supports the more mainstream crypto becomes.
Totally agree, we need to get Steem on Coinbase.
Nice post. I don’t see a longterm future for ETC...but I could be wrong.
Thanks @workin2005 and I agree, I'm not seeing a future for ETC as well.
@rollandthomas You can read ....
@rollandthomas Pretty good.
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