- Ethereum classic price prediction shows the crypto coin is eyeing a quick 25 percent surge from its 100 4-hour Simple Moving Average.
- ETC’s 100 4-hour Simple Moving Average coincides with the $90 price value.
- Ethereum Classic’s immediate demand region ranging from $86.3 to $97 supports the cryptos bullish narrative.
- A price downswing towards the 200 4-hour Simple Moving Average or the $60 mark will nullify this bullish outlook.
At the time of writing, Ethereum Classic is recording negative price movements like most cryptocurrencies in the market. However, the crypto coin shows signs of triggering a sudden bull run if critical technical indicators are realized. For instance, for Ethereum Classic to turn bullish, it needs to push through past the immediate demand area to register a new lower high.
Ethereum Classic Price Prediction: General price overview
On looking at the weekly price chart, Ethereum Classic appears to be forming lower lows and higher highs since May 7. According to the coin’s weekly price chart, the ongoing downtrend gained momentum on May 12 when Ethereum Classic depreciated by more than 25 percent in a single day. At the time of writing, Ethereum Classic is exchanging hands within its immediate demand area that ranges from $86.3 to $97. This means that the crypto coin is trading in an area where it is likely to attract buyers, and when looking at the current state of the crypto market, any buying pressure is sure to result in an uptick.
Therefore, investors should be on the lookout for a sudden upsurge towards the $110 price region. This will mark approximately a 25 percent upsurge from the current price level at around $88. It is worth noting that this bullish narrative depends on the ability of the bulls to push Ethereum Classic from its current demand region. Such a move will see the crypto asset move past its resistance barrier at $90, which coincides with the 100 4-hour Simple Moving Average. This will allow ETC to surge further upwards towards the $100 mark. If the bulls fail to show up, a downward trend is likely to push Ethereum Classic to the next support level that ranges from $72 to $78.
If this happens, investors should not worry as it will not nullify Ethereum Classic’s bullish outlook. Such a move would allow investors to register a new lower high, which would form a new demand area.
Ethereum Classic price movement in the past 24 hours
According to Ethereum Classic’s 24-hour price movement, it is evident the crypto asset has been mirroring what is generally happening in the crypto market. While the crypto coin appears to be entering a consolidation phase, gains are currently limited in the Ethereum Classic market at the moment. On looking at the 24-hour price chart, it is evident that the crypto coin has been forming lower highs and lower lows throughout the day, signaling the crypto asset is exchanging within a falling hammer pattern. Fortunately, the falling hammer signals Ethereum Classic is about to break out on the upside.
Ethereum Classic 4-hour chart
The MACD indicator indicates a bearish picture despite OBV’s sideways movement. According to the OBV’s sideways movement, the buying pressure and selling pressure appear to be equal over the last few days.
If worst comes to worst and Ethereum Classic plunges further, the $52 and $78 support levels will come to its rescue. These support levels are perceived to be significant demand regions that are likely to trigger a heightened buying pressure. The extent of the surge would largely depend on the volatility of the broader market.
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.