Ethereum Classic (ETC) has had an eventful few months. It shot up in value after Coinbase announced that they would be listing it. However, the recent market wide drop has seen its value drop to around $11. But it could pump again this week, all thanks to the upcoming ETC summit in Seoul South Korea. Several factors support a possible pump within the week.
First, the ETC summit is taking place in one of the largest crypto markets in the world, one that has in the past played a huge role in driving up crypto prices. As such, if any positive news come out from the summit, it will first hit one of the biggest market in cryptocurrency, and this will have a huge impact on the price. The initial push that South Koreans would give to Ethereum Classic (ETC) could create FOMO that leads to a further push in price. If Korean based FOMO in the past is anything to go by, then Ethereum Classic (ETC) could break above $15 if great news out of this event.
Second, going by the topics that will be discussed in this summit, there is no doubt that some great announcements will be made. Some of the topics that will take center stage at this summit include IoT and legal issues around smart contracts. These are big issues, and touch on the very future of ETC. For instance, the IoT market has a huge potential and is projected to worth at least $5 trillion in the next decade. If from this summit investors get the impression that Ethereum Classic (ETC) can gain a share of this market, then its price will most likely pump.
Thirdly, Ethereum Classic (ETC) is now trading at a key support level around $11. This is a price level that has offered some major support for Ethereum Classic (ETC) in the last few months. This makes it a great price for an upside break if some major developments are announced during the summit in Korea. From a technical analysis perspective, an upside break in price at this level could see Ethereum Classic (ETC) test $20 in the course of the week, depending on the weight of the news.
Lastly, there is the fact that the crypto market is still bearish after Bitcoin dropped below $6500. As such, in the coming week, investors will be looking to invest in cryptos with news coming up, for the potential returns. Ethereum Classic happens to be one of the few cryptos with any significant news coming up in the next few days.