Like every other coin, Ethereum Classic (ETC) has been pretty beat up this week. However, now that the market is showing signs of a rebound, it could emerge as the biggest winner in the next few days. That’ because it has several key listings coming up. On the 20th of this month, Bittrex will launch USD trading for Ethereum Classic.
Given that this is one of the most respected crypto exchanges in the U.S, there is a good chance that it will add to ETC volumes and drive up the volumes. Besides, due to this expectation of a price surge on the 20th, investors could start to FOMO in on ETC before D-Day and drive up the price either before, during or a few days after the listing.
Bittrex driven Ethereum Classic (ETC) FOMO could also get a boost from Coinbase’s opening of Ethereum Classic to retail investors. It is expected that anytime from now, Coinbase will open up Ethereum Classic to trading by retail investors. Given that Coinbase is the largest and most popular crypto exchange in the U.S, there is a good chance that this will push up the value of Ethereum Classic.
Coinbase has already proven to have an impact on prices, since after it announced that they were listing ETC, this crypto was in the green for weeks, even as the rest of the market traded sideways. On the day they announced the listing, Ethereum Classic pushed up to over $20. A similar scenario is likely to recur now that there is expectation that they will open it up to trading by retail investors.
So how high can Ethereum Classic go this time round, with these news coming out? From the charts, the last Coinbase news pushed Ethereum Classic (ETC) above a key resistance level, before the FOMO driven momentum was overcome by the overall bearish momentum in the market. If a similar scenario recurs this time, then Ethereum Classic (ETC) could rise to around $17 – $18. This is a key price level above the 55-day moving average at $16.50. If the combination of news from these two exchanges push ETC above this price level, then it could test $19, which is the next resistance level in the day charts.
However, to get to that price level, bitcoin (BTC) too needs to maintain its momentum and stay above $6500. And from a look at the bitcoin charts, there is a good possibility that this will happen. That’s because in the day charts, bitcoin has pushed above $6500 and has formed a clear bullish reversal pattern. Volumes are on the rise too, and if they increase in the next few days, Bitcoin could test the 55-day support at $6800.
If such a scenario plays out, then Ethereum Classic (ETC) could very easily test $20 either before or shortly after 20th. For short-term speculators, it’s a good time to FOMO in on Ethereum Classic (ETC).