The Ethereum Classic price prediction for additional recovery may have taken a hit on Wednesday after the ETC Cooperative withdrew its support for the Ethereum Classic Treasury Proposal.
The Ethereum Classic Improvement Proposal (ECIP)-1098 was initiated by the IOHK Foundation and the ETC Cooperative to produce a new treasury proposal for the token. This proposal was to push ETC into a core protocol position by attracting the necessary funding to stand on its own as a separate fork. Innovation and diversification of its product base were concepts at the heart of the proposal.
The ETC Cooperative has cited differences in direction as the reason for the withdrawal, saying that IOHK’s vision for the Treasury Proposal was at variance with its expectations.
The ETCUSD pair is up 6.58% on the day but remains sharply lower for the week as the token keeps trading within the downtrend.
Ethereum Classic Price Prediction
The uptick in Ethereum Classic has to break beyond 48.62 for the price action to progress towards 55.34. A continuation of the advance could target 60.08, with 71.14 and 77.46 serving as additional price targets to the north.
On the other hand, rejection at 48.62 presents a rally-sell opportunity for the bears, targeting 39.14 initially before 29.77 comes into the picture as an additional downside target.
Ethereum Classic (Daily) Chart
Follow Eno on Twitter.