Ethereum Classic Price Prediction: Could Ethereum Classic hit $100 in 2023?

Key Takeaways:

• The Ethereum Classic price has been bullish since the beginning of 2023 after undergoing a steep bearish trend throughout 2022
• With the continued trend, the price is believed to reclaim the next target beyond $50 in the coming days that may enable the price to reach beyond crucial resistance in 2023
• The drop in development activity and hash rate raises some concern which is believed to rebound as the bearish sentiments wanes 

Additional Read: Why Is Ethereum Classic Up Over 30%?

Ethereum Classic Price History

• Ethereum Classic was launched as a fork of the main Ethereum chain in July 2016 following a major DAO hack. 
• With its native token ETC it began to trade at around $0.66 in 2018 and surged high to reach $2.14
• It further soared high in 2017 and marked the highs around $47.77 by the end but quickly slashed hard to end the year
• The price traded within a correction phase for the next couple of years and marked the bottoms of the cycle around $4 in March 2020
• This was when the price rebounded firmly and ignited a bull run that prevailed throughout 2021 to reach the highs at $176 but woefully faced a strong rejection
• Presently, the ETC price is trying hard to rise beyond the consolidated range but is facing significant bearish action to

Ethereum Classic Technical Analysis

Source: Tradingview

• The ETC price has been trading within a bearish triangle from past 6 months and recently market the bottoms along the lower support
• The price is attempting to slice through the upper resistance after undergoing a rebound from the lows, but is scared to face a rejection and drop back towards the support
• After undergoing a pullback, the price may witness a notable rebound that may assist the price to break through the resistance and mark new 2023 close to $25
• However, the bears have held these positions from October 2022 and pushed the price lower each time and hence if the bulls remain weak then a rejection could be imminent.

Overview of Ethereum Classic On-chain Analysis:

Ethereum Development Activity

Source: Santiment

The development activity includes the network upgrades, the progress with the fundamentals and the development team launching new features to strengthen the platform. The activity was marking highs regardless of the price trend that remained largely bearish throughout the year. After the levels dropped to rock bottom levels, the activity rose notably but still remained within moderate levels. Traders keep a close watch on the metrics as they get an idea of the upcoming trend. 

Social Dominance

Source: Santiment

The social dominance of a token is the number of mentions/ posts being circulated within the social media platform but with respect to the top 100 tokens. A rise in social dominance means, the posts or mentions of the token are more compared to that of the top 100 tokens. Hence it is termed as rising dominance which is seen with Ethereum Classic in recent times. Meanwhile, the dominance also dropped significantly a couple of times but remained within average levels. 

Read more: Ethereum Price Prediction

Ethereum Classic Hash Rate

Source: messario.io

The Ethereum hash rate remained within the bottom levels for quite a long time until the second largest crypto Ethereum underwent a transition. After the Ethereum Merge, where-in the network shifted from PoW to PoS, the miner jumped into the ETC chain in large numbers which intensified the hash rate to a large extent. However, soon after the event, the hash rate has been constantly dropping marking a reduction in the mining activity.

Read More: Top Crypto DAO Projects

Ethereum Classic Price Prediction for 2023

Ethereum Classic price had been recovering well in Q1 2022 and reached $50 when the bearish wave slashed the price hard. The value of the token dropped heavily marking the bottom at around $12. Since then the price has maintained a decent upswing and is trying to breach the bearish pattern. 

The price may remain largely consolidated for another few months and by the end of Q2 2023, a notable upswing may begin. Following a similar trend, the second half of 2024 may also remain largely bullish and the levels may rise beyond $30 to $35. By the end of the yearly trade, the price may attain levels close to $40 or $45 and an extended bullish push may even raise the price beyond $50.

Ethereum Classic Price Prediction for 2024

The price, if it fails to reach $50 in 2023,  may certainly mark these levels in the first few days of 2024.  Here a minor bearish action may hinder the progress of the rally, but eventually, the token may resume with an upswing after withstanding a minor bearish action. By the end of the first half of 2024, the ETC price could range between $68 to $75. 

Moving ahead, the second half of 2024 is believed to ignite a bull run but with a lowered pace than that of 2021. The prices are believed to rise beyond $100 in a short time and quickly gain levels beyond $110. However, by the end of the year 2024, the bears may compel the price to drop close to $100 but may not drag the price below these levels.

Additional Read: Top Cryptos that crashed more than 70 percent in 2022

Ethereum Classic PRICE PREDICTION 2025-2030

The Ethereum Classic price appears to be bullish in nature in the long term. The price after experiencing a notable upswing throughout 2024 is believed to undergo a notable correction phase in 2025 but sustain levels above $85. Further, the year 2026 & 2027 is believed to remain within an ascending consolidation and reach $150 by the end of 2027.

Further, during 2028, the price levels are believed to be swelled and form new ATH above $200 in no time. However, the bulls are believed to have maintained significant strength, and hence despite the bullish pressure, the upswing could continue. By the end of 2029, the price may have risen beyond $300 while it may try hard to reach levels close to $500 in 2030.

Should you invest in Ethereum Classic in 2023? 

Ethereum Classic is still working on the original chain where Ethereum was founded. The token is largely considered as undervalued as it has not yet marked $500 in its trading history despite being a primitive chain. Hence a huge possibility of igniting a notable bull run could be on cards that may uplift the price beyond desired levels. However, before investing in ETC or any other token, a deep study of cryptos and the markets is a must with a close observation of the price movements.

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