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ETC Price Prediction: Ethereum Classic stuck between 2 significant averages, poised for decline

ETC Price Prediction

TL;DR Breakdown

  • ETC price prediction highlights Ethereum Classic’s price movement within the $59 to $80 supply region.
  • On the 12-hour price chart, Ethereum Classic seems stuck between 2 significant averages.
  • A 35 percent bearish price movement likely following the recent $59 price retest.
  • If Ethereum Classic bulls ensure the crypto coin has a decisive close above the $80 price region, all projected bearish narratives will be invalidated.

Ethereum Classic is currently flooded by sellers pushing its price towards a critical resistance barrier at the time of writing. Ethereum Classic might continue registering negative price movements if the current trend persists as the latest brief bullish price movement appears exhausted.

ETC Price Prediction: General price overview

Following the May 19 market collapse that saw Ethereum Classic record a 3-week low of $41, ETC’s price movement appears to lack bullish momentum. This is evident as the price of Ethereum Classic has remained in a bearish consolidation phase for the 5th straight day this Monday.

Earlier this month, Ethereum Classic surged to a new all-time high of $165, reflecting the bullish crypto market at the time. During the latest bullish leg in the crypto market, the top 10 crypto-assets registered parabolic price appreciation before the ongoing brutal market collapse. At present, Ethereum Classic appears to be attempting to register a tepid price increment, having turned green for the first time since Thursday. On looking at Ethereum Classic’s 48-hour price chart, the crypto asset appears to be moving back and forth around the $60 mark. Following the brief price recovery from the market collapse, Ethereum Classic appears to have managed to safeguard the upward-tilting 100 Simple Moving Average at around $53.  

Despite this, many sellers are finding themselves below 21 and 50 Simple Moving Average confluence. It is this area where a lot of sellers bought their crypto assets. Due to this fact, any significant price movement in either direction is required to determine the next trajectory for Ethereum Classic investors.

ETC price movement in the past 24 hours

ETC Price Prediction: Ethereum Classic stuck between 2 significant averages, poised for decline 1
Source: TradingView

At the time of writing, ETC has plunged 70 percent from its $179.8 ATH. According to the cryptos 24-hour chart, Ethereum Classic might continue with the negative price movement. The charts show that Ethereum Classic formed a demand zone that ranges from $59 to $80 during the ongoing massic sell-off. Despite this development, it appears the bears managed to flip the demand zone to turn it into a supply zone by pushing the price below the price region.

At present, the next way forward for Ethereum Classic is to either test the middle borderline of the resistance barrier at around $70 and record an impressive rally or continue with the free fall. If Ethereum Classic closes the day at the $59 price region, the crypto asset risks depreciating by 20 percent to settle at its direct support line at around $47. A price movement toward this price region would validate the bearish narrative, triggering another selling spree.

ETC 4-hour chart

ETC Price Prediction: Ethereum Classic stuck between 2 significant averages, poised for decline 2
Source: TradingView

According to the 4-hour chart, key technical indicators appear to be speaking a bullish language. According to the Moving Average Convergence Divergence technical indicator, Ethereum Classic is currently enjoying a bullish narrative going by the position of the lines and the candlesticks. As for the Relative Strength Index, Ethereum Classic is currently close to the middle line at 47, communicating a balance between the bears and bulls.

Conclusion

While the general outlook might look grim for Ethereum Classic, it is not the end for the cryptocurrency. If buying orders pile up, ETC could rally past the supply region that extends from $59 to 80. If this happens, it will signify the optimism of the bulls.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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