Ethereum Classic Price Prediction: An Upward Trend Expected

Overview

Various factors are pointing towards a positive momentum in the Ethereum Classic price. This article will delve into the details by analyzing the current market scenario, price trends, and chart indicators to provide an Ethereum Classic price prediction. Here are the essential points:

• The price of Ethereum Classic may continue to recover in the upcoming months.
• The ETC price has successfully defended the $14.00 support and surpassed the $15.00 mark.
• Ethereum Classic’s price is oscillating around its long-winded demand zone.

Ethereum Classic’s Recovery Phase

The Ethereum Classic price forecast remains bullish as long as the ETC cryptocurrency can retain the $14.00 support. This survival line implies that the ETC price could see further recovery over the next few months. Currently, the ETC price is trading below the 200-day and 50-day Exponential Moving Average (EMA), denoting a downtrend. However, given that the EMAs are sloping sideways, prices are likely to consolidate before deciding on the direction.

August Market Dip

In mid-August, the Ethereum Classic crypto price broke its $18.00 support. This breach fueled negative sentiment, and the ETC price plummeted by 23% over merely three trading sessions. However, this significant downfall can be attributed to an overall sell-off in the crypto market. As such, a radical downside in ETC seems implausible, and a bounce-back might be on the horizon.

Buyer’s Defense Around $14.00

In early June, sellers attempted to pull the price of Ethereum Classic below the $14.00 mark. Fortunately, they were unsuccessful, and prices took a U-turn. This event illustrates that buyers are regularly operating around the $14.00 mark, and it is serving as a demand area for the bulls. Ethereum Classic’s price is currently at $15.87, denoting an intraday gain of 0.06%. Its 24-hour volume to market cap is 2.35%.

Is Ethereum Classic Price Cheap at Current Levels?

The Ethereum Classic price prediction supports the bulls, but a minor short-term consolidation around the present price range is possible. ETC price has entered a recovery phase, and buyers are attempting to maintain the $15.00 level. As long as the ETC crypto price can remain above the $14.00 support, the recovery’s continuance is expected to be prominent.

Potential Risks

On the contrary, if the situation worsens and the Ethereum Classic price falls below $14.00, this would entail an additional 10% potential downside, plummeting prices to approximately $12.00.

ETC Price Analysis on Weekly Time Frame

During the previous week, ETC saw an 11% drop and projected a bearish candle on a weekly time frame. Nevertheless, in the current week, buyers defended the previous low and formed a Doji. The ETC MACD curve is also reverting upwards and could potentially result in a positive crossover.

RSI Curve Recovery

The Relative Strength Index (RSI) curve for Ethereum Classic at 38 is seen recovering from the oversold territory, and it is expected to attain the neutral zone shortly.

Conclusion

The Ethereum Classic price prediction remains bullish, hinting at a potential future recovery. Buyers seem to be active near $14.00 and have taken the recent price dip as an opportunity to accumulate ETC cryptocurrency, thus making it a viable option for long-term investments.

Technical Resistance and Support Levels

• Resistance levels: $20.36 and $25.00
• Support levels: $14.00 and $12.62

Disclaimer

The views and opinions stated by the author or any people mentioned in this article are presented solely for informational purposes and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrency comes with a risk of financial loss.