Theory Regarding ETC Price (as of May 1st) Discussion Encouraged!

ethereum-classic

#1

Howdy all, so I understand the Ether Classic chain recently has experienced ongoing 51% attacks… I haven’t looked too deep into it but I became aware when I noticed that ETC had disappeared as a deposit option on kraken… Upon noticing I took a look around the kraken blog and found posts regarding the reason and what kraken was doing to try and get things sorted out on their end… A Google search provided a bit more information on the 51% attacks but nothing too detailed (also, didn’t look to deeply into it…) Then I noticed that coinbase has disabled the ability to send ETC… So at this time we have kraken permitting ETC withdrawal but not deposit and coinbase permitting the opposite. Also, upon trying to deposit a fair amount of ETC on coinbase sometime in the last 24 hours it has yet to be confirmed on coinbase and has yet to even appear as pending… Coinbase has always been extremely slow with ETC transactions in the past but this is abnormal… I do know that kraken has temporarily increased confirmations from something like 250 normally to around 350 or something like that? I don’t remember exactly… So maybe coinbase did the same thing… I’m not sure…

Blah blah… Ok! So the whole point I’m trying to get at, is this. Normally in a situation such as this, a coin would see a drop in price because investors become weary and they want to see how the developers will react to whatever hurdles they are faced with… So I am wondering, why does ETC price continue to rise as if nothing is wrong? When clearly the ETC chain is dealing with some relatively significant issues at the moment?

My personal opinion is that the price shouldn’t go up much higher than where it currently stands for now at roughly $8.67 and it will float around here until exchanges unlock send/recieves and things are in full motion again, then I think we should see a major sell off because I would imagine some traders feel sort of stuck in limbo right now because maybe other changes besides kraken and coinbase have COMPLETELY frozen all ETC activity for the time being, which could be why ETC “appears” to be doing well when really it’s just because a ton of investors can’t dump their ETC and they are just waiting anxiously to dump?

Theory 2: the current price of ETC has something to do with the 51% attack and maybe there is some price manipulation at play? Possibly this is also a sign of a market correction in the near future for ETC if not all the crypto assets?

Discussion is gladly welcome, I am very curious to know what you all think. I am not biased in any way. I trade and regularly hold short and long positions on ETC so I like to see it doing plenty of up n down :slight_smile: imo the “HODL for LAMBO” days have been gone for years…

Cheers! :beers:


#2

While it is true centralized exchanges are making it a little more frustrating to deposit or withdraw ETC with the longer confirmation times, I think I would be a little surprised to see major dumps at this price level. As far as I know they do still allow trading right? You just have to factor in that if you want to deposit or withdraw it may take all day.

This time last year ETC was sitting around $15 and I believe we did not really see some “major dumping” until the near $20 mark. I think many traders are sitting tight at the moment, the market is showing the signs of being bullish again. And when this happens people start remember the all time highs of the coins they are trading, which in ETC’s case is over $40.

Also don’t forget that early just May, I think it was around the 12th-15th, Ethereum Classic saw a new all time low price (to BTC). Which I think could be a good indication that the next big price pump could mean we see a new all time high.

I would say another thing to take note of is that many professional traders may have entered ETC’s market recently when it dropped under $4, so how long will they wait before they take their profit? It has already doubled, so I doubt they will take much more risk.

Either way, if you are trading ETC on a centralized platform, I feel like now is a good time to evaluate your positions and put a strategy in place: and stick to it.