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Chukwuemeka Raphael
May 29, 2022
by Chukwuemeka Raphael

Is Ethereum Classic (ETC) Really Undervalued As Many Say?

Ethereum Classic
Ethereum Classic (ETC) is one of the top Ethereum forks that is trading in different cryptocurrency exchanges presently. ETC is one of the good investments for 2022 for long-term investors. ETC is presently trading at $22.85, with a 24-hour increase in price by 3.16%. ETC attained an all-time high price of $176.16 on May 6th, 2021. When this is considered with the present price, we can infer that ETC is undervalued. Ethereum Classic is ranked in position 28th in the CoinMarketCap ranking.

Ethereum Classic as a good long-term investment for 2022 could be undervalued due to the following reasons:

  • ETC had higher returns in the past 14 days than BTC and ETH

  • ETC comparative ranking when compared to Bitcoin forks

    • Ethereum Classic Had Higher Returns in the Past 14 Days Than BTC and ETH

    In the past 14 days, Ethereum Classic has shown that it is a better investment for 2022 when compared to either Bitcoin (BTC) or Ethereum (ETH). ETC has gained 20.9% in the past 14 days for its long-term holders. In the same duration, Bitcoin has decreased by 0.9% while Ethereum has reduced by 9.8%. This makes ETC a good investment that is undervalued by some investors.

    ETC Comparative Ranking When Compared to Bitcoin Forks

    Ethereum Classic is the first Ethereum hard fork. ETC was launched in July 2016. The first Bitcoin hard fork called Bitcoin XT is no longer in existence. Also, Bitcoin Classic which was launched the same year as ETC is also not in existence. The closest Bitcoin fork that is within the top 100 cryptocurrencies in CoinMarketCap ranking is Bitcoin ABC which is presently called eCash (XEC). It is ranked in position 58 at the time of writing. This shows that ETC is a good long-term investment.

    Ethereum Classic Price Prediction

    ETC/USDT 1Day Day showing the Key Levels

    Source: https://www.tradingview.com/x/3Ng0Ggjv/

    From the price prediction chart of ETC/USDT above, we can deduce the following:

    • The price of Ethereum Classic (ETC) might plummet to $17.85 at support levels.

    • If the present bullish momentum is maintained by buyers, the price of ETC has a high probability of breaking the $24.59 resistance1 levels. It could surge close to $31.13 at resistance2 before reversing due to the formation of double tops.

    • If buyers pressure keeps increasing, the price of ETC might increase to $36.47 at the resistance3 level or $51.55 at the resistance4 level.

      • Conclusion

      With the possibility that Ethereum Classic (ETC) might break more psychological resistances soon, we can deduce that it is presently undervalued.

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      Is Ethereum Classic (ETC) Really Undervalued As Many Say?
      Chukwuemeka Raphael
      Chukwuemeka Raphael is an author and cryptocurrency news writer/analyst. As a Mathematics graduate and trained analyst, he combines his Math knowledge and strong reading culture in contributing content and analysis for the development of cryptocurrency and blockchain space.

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