By some measures, the Ethereum Classic price has actually been “it” with investors in 2021. Since entering the year the Cryptocurrency is up a massive 719%. That compares favorably to ETH, which has seen gains of 172%. But the sizable outperformance isn’t the end-all, say all by any means.
Viewed through another looking glass, the illustrated ETC price monthly chart reveals a different and difficult test facing investors that believe ETC “is it.”
The combination of past underperformance and current relative weakness during the current cryptocurrency bear market has resulted in Ethereum Classic challenging much deeper key technical support areas than ETH. And it appears to be an important make-or-break situation for ETC.
With ETC price testing its former 2017 all-time-high and 76% retracement level tied to its Covid crash low to May 2021 all-time high, a failure to hold support level could be a sure indication market participants are making a final choice with the direction Ethereum will take.
Bottom line, Ethereum Classic price may still exist for a number of years to come without being relevant. But if already breached technical support level can’t make good on the promise of June’s bullish hammer bottom – it may be time for all but Ethereum Classic ETC’s most ardent base, to give up the ghost.
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