Ethereum Classic price struggles at $20; Will ETC expand upward?

Ethereum Classic Price prediction favours the bulls, and an up move is possible in the coming months till it sustains above $15.00 support. ETC price seems to be consolidating in the narrow range between $18.00 to $25.00 and is likely to break either side. However, it faced resistance multiple times near the 200-day EMA, showing the downward trend.

Ethereum Classic price also dropped below the 50-day EMA, which hurt investors’ sentiment. Luckily, the price did not collapse and still sustains above $18.00 support. The volume in the ETC crypto is declining, showing fewer participants are active and expecting the price to consolidate more.

Ethereum Classic Price is trading at $19.46 with an intraday decline of -0.71%. The 24-hour volume-to-market cap ratio is 0.0334. The pair of ETC/BTC is trading at 0.000662 with an intraday decline of -0.45%. The chart structure of ETC with the Bitcoin pair is in a strong downtrend and keeps on sliding down and hitting lows.

The correlation of the ETC price with the BTC pair is 0.75, and the USDT pair is 0.07. At the beginning of March, Ethereum Classic witnessed profit booking from the higher range and began to decline. It eroded the previous gains, and prices reached yearly lows. Luckily, In the mid of March, the overall market sentiment improved, and the downfall took a halt near $16.00.

Will the Ethereum Classic price break the higher range?

ETC/USDT daily chart by TradingView

Ethereum Classic price recovered from the support and created hope for a bullish trend reversal. Slow and steady ETC price again reached $22.00, but sadly it failed to hold the higher levels.

Till the ETC price sustains above $18.00, the possibility of a rebound remains in favour of bulls. However, if the situation gets worse and prices drop below $18.00, then bears may try to test the yearly lows. The technical analysis suggests ETC price is near the demand zone and consolidating for the base formation.

ETC price seems quite stable

ETC price chart structure seems quite stable but unable to generate nominal returns for long-term investors. However, if the price continues to consolidate in the coming months, the probability of upside range expansion will increase.

Ethereum Classic price will pick up momentum when buyers succeed in pushing the price above the $25.00 hurdle. Till then, prices might trade in the range mentioned. Technical indicators like the MACD curve are reversing upward and may generate a positive crossover. The RSI at 43 sloping sideways denotes price is near the neutral territory.

Conclusion

Ethereum Classic price prediction favours the bulls and suggests a rise in the long term. ETC price seems stuck in the narrow range and struggles to hold the $20.00 level. The technical analysis suggests ETC price is near the demand zone. Till it sustains above $18.00, the probability of upward range expansion is high.

Technical levels

Resistance levels: $25.00 and $27.22.

Support levels: $18.00 and $15.00

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.