Ethereum Classic (ETC) price has been on a solid downtrend since the start of July, falling from the high of $23.30. The crypto price reached a high of $23.30 during the bullish rally, which started in mid-June.
ETC price faced strong rejection above $23 which induced a negative sentiment in the market. The asset price fell to the same level as the bullish rally commenced in mid-June, which is $14.70.
Ethereum Classic price gained bullish momentum from the support level of $14.70, hoping to recover from the losses and retest the $21 resistance level. But the move was halted at $17. ETC price again fell to the same support level of $14.70.
Ethereum Classic price is currently hovering below $16, striving to rise above it. Two attempts have been made by bulls, which failed. The previous candle closed as a bearish candle with a small body, indicating low volume.
The current candle has also not made any significant moves and is bullish with a small body. If the ETC price can shatter the support level of $14.70, it may fill the wick of 17th August and melt towards $13.50.
On the other hand, if the cryptocurrency price can break above $15.80, it might rise toward the next resistance level of $17. The market capitalization of Ethereum Classic has declined by 0.34% to $2,176,224,260 at the time of writing. The 24-hour trading volume is down by 19.61%.
ETC price is down 91.37% from the all-time high of $176.16 and up 3261.64% from the all-time low of $0.4524.
Will ETC Fall Below the $14.70 Level?
The cryptocurrency price has dropped below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. The 50-day EMA has been acting as a resistance level for the price. The Chaikin money flow score has climbed above the 0 mark and currently trades at 0.08, suggesting a rise in strength and capital inflow in the market.
However, the relative strength index has dropped below the 50 mark and trades at 42.92, implying a rise in the participation of bears. The Bollinger bands have contracted, indicating a decline in volatility. The long-short ratio is 0.92, with 48.08% longs and 51.92% shorts, indicating a higher position of sellers in the last 24 hours.
Conclusion
Technical parameters favor the selling side, but the current price action shows that the bearish momentum is slowly fading. The market leader, Bitcoin, is yet to show any major moves today.
Technical Levels
Major support: $14.70 and $13.50
Major resistance: $15.80 and $17
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/23/ethereum-classic-price-prediction-will-etc-price-fall-to-13-50/