An up-to-date Ethereum Classic price prediction for 2022, 2023, 2024, 2025, 2030. Wondering what is the future of ETC price? Find out Ethereum Classic price forecast with historical, fundamental and technical analysis.
Table of Contents
Ethereum Classic Fundamental Analysis
Ethereum Classic (ETC) is a native token on the eponymous network, which came into existence in 2016 as a result of a hard fork on the Ethereum (ETH) blockchain network. Ethereum Classic’s use case is therefore the same as ETH — to serve as a smart contract platform, and the ETC token’s purpose is powering this network.
The circumstances of the Ethereum Classic’s birth are quite controversial. The idea of Ethereum's hard fork is rooted in the Ethereum DAO hack which occurred in 2016. This event resulted in a loss of more than 11 million ETH ($50 million at the time) by DAO investors. The stolen tokens were eventually found, and this prompted a bitter fight within the Ethereum community about the best way to deal with the consequences.
One group thought that the funds should be returned to the original holders, while another argued that this would be against the blockchain philosophy, which dictates absolute immutability. So, in this second group's opinion, since the transfer was committed to the chain, it has to stay that way, even if it was fraudulent. The first group won the vote, and Ethereum was hard forked, with the original chain becoming Ethereum Classic.
Ethereum network has remained the bigger of the two, but Ethereum Classic has enjoyed some success too — for example, ETC fees are lower than ETH, which is a plus for many. ETC went through a rough patch in 2020, when the network was hit by several 51% attacks, but it managed to recover in 2021. Ethereum Classic forecasts mostly predict this recovery lasting for a while.
Ethereum Classic Live Price Chart
In the first half of 2021, Ethereum Classic joined the rally that most of the cryptocurrency market went through. Its price grew quickly from ~$5 just before the 2020’s end to ~$15 in February. By March, the ETC price had dropped into the ~$10–$12 zone, where it stayed until April. At that point, Ethereum Classic skyrocketed, reaching the all-time high of $176.16 in May.
ETC got through the May crash well enough. The lowest its price has been since May is $32.5, which it hit briefly in June. This may be compared to ~$10 seen just a few months ago, in March, when even the wildest ETC predictions couldn’t foresee such a great rebound. In late August ETC went through another rally, bringing the price above $60. This is reflected in the ETC forecasts, which are predominantly optimistic at the moment.
Ethereum Classic Technical Analysis
Since the beginning of May 2021 and until late July, Ethereum Classic was trading in a descending triangle pattern. Then, as the market turned bullish, ETC had its breakout, jumping off of the support zone at ~$35–$40 and climbing both in price and trading volume, reaching ~$63 by mid-August.
There are some concerns about the recent climb turning into a head-and-shoulders pattern, which can mean that the Ethereum Classic future price will be lower than one might expect. As things stand now, though, there are no obvious factors that might damage Ethereum Classic’s future value.
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