ETC - The forgotten I don't want to spend too long on Ethereum Classic, because I don't think it would deserve too much attention, other to say that this should get a big boost from the miners that are leaving Ethereum. I understand that BTC is getting its all time high right now, so this will drop in the very short term.
TA:
- Golden Cross of 50MA over the 100MA with very bullish movement directly after.
- Bullish Divergence of RSI, as Price declines yet RSI improves with higher lows.
- Price movement moves up and over the 200MA, after bouncing down from it previously. This is set up to be future support, which could lead to a very substantial bullish movement if it bounces from it.
Some History on this idea:
To understand why I would pick a project that has been hacked so many times, we need to think about what is happening on Ethereum currently. We had a Proof of Work coin, that has been #2 Market Cap since it started, and has shown signs of fast paced growth vs Bitcoin. However, as of 2020, Ethereum decided to start down a new path, one that will end mining on Ethereum forever, and will become a Proof of Stake coin.
The Miners, who were already upset at the decision, were dealt another blow as Vitalik introduced EIP1559 - coincodex.com
EIP1559, as shown from the Article, is set to greatly lower the amount of Gas fees of Ethereum, by removing inefficiencies that coincidentally help enrich the miners.
The miners have not been silent about this change, and have threatened everything, even hacking the project itself.
With the revolution currently raging, the next logical project that reminds miners of Ethereum, is Ethereum! Classic. ETC is still the original Proof of Work project that resulted from a Fork early on.
My theory is that as time goes on, and it becomes less profitable to mine ETH, which eventually goes down to 0 - that ETC will take its place as the preferred coin to mine, which will result in a pretty substantial gain in the price of ETC. I think it will happen during the next 3 months.
