After finding double bottom support in June 2018, Ethereum Classic (ETC) has ben consolidating around $15.20. However, we believe it could make a near-term run to $20 in the next few weeks.
Right now, there appears to be plenty of excitement.
Transaction rates are already up to 50,000 daily with speculation that number could approach 100,000 shortly. This number continues to rise because the price of the coin will most likely rise when listed for trade on Coinbase.com.
The more investors present, the higher the transaction rate.
Ethereum Classic will soon list on Coinbase.com
Once Coinbase.com makes its ETC announcement, we strongly believe we could see a short- squeeze. In fact, the news could quickly force the coin well above $20.
When Coinbase.com first announced the ETC listing, they noted:
“[W]e will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5),” as quoted by Altcoin Buzz.
However, it appears things are moving along quickly. The ETC API, or application-programming interface, was already added to Coinbase Custody just this week, says Altcoin Buzz. That’s a big sign that the official listing of ETC is on its way.
Technically, the coin has been stuck in a tight multi-month consolidation pattern. However, we believe that once the Coinbase news is out, we’ll see a sizable breakout to as high as $25.
Expanding its Global Footprint
It’s not just the Coinbase news that’s attracting interest.
It also just partnered with Zeniex, a South Korean exchange. “This partnership will see ETC penetrate the Asian market under a memorandum of understanding already inked between the two. With the growing popularity of the coin in Asia, breaking even is in sight. Through a tweet availed to us through the ETC twitter handle,” notes Crypto Globalist.
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