Ethereum Classic Price Prediction As ETC Bulls Eye The $20 Level

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Ethereum Classic (ETC) witnessed a remarkable rebound on Wednesday, January 4 as the price soared 26% to record a striking engulfing bullish candlestick on the day’s trading session. Based on data by blockchain analytics firm Santiment, Ethereum Classic price was experiencing a huge rally, which was supported by a massive influx of shorts as traders across crypto exchanges bought ETC and pushed the green stretch. It appears, however, that the bulls were unable to sustain the higher levels as the price is now flashing red.

At the time of writing, the Ethereum Classic price is trading at $18.35 after gaining over 4% in the last 24 hours. The price is, however, down by 6% compared to the gains made yesterday, and investors are wondering whether the token will lose all the ground covered on Wednesday. At current prices, ETC is recording a 24-hour trading volume of $492.7 million and a live market cap of $2.6 billion, which places it at #25 on CoinMarketCap.

Ethereum Classic Price Soars After A Short Squeeze

The recent price pump for the ETC token has been attributed to a short squeeze, which usually happens when many traders make bearish bets on an asset, and instead of such an outcome, the value of the token increases.

Solana steals the show with a 40% rally over the last week after strong selling pressure. Ethereum Classic too joins the party.
The world’s largest altcoin Ethereum is now seeing a fresh surge in whale activity over the last few days.
While the Bitcoin… https://t.co/GIA8HmdZfp
— Crypto-News (@criptikos) January 5, 2023

Based on online chatter, investors seem to be expecting a regulatory crackdown against Ethereum within the year, which explains the bearish bets. Such sentiment would validate the short squeeze thesis and explain why the ETC price was jumping.

Ethereum Merge Event Could Attract Regulators’ Hawkish Eye

In 2022, Ethereum performed complete network upholstery dubbed The Merge, which marked its transition from Proof-of-Work (PoW) network to a Proof-of-Stake (PoS). The upgrade meant the platform would be faster while increasing its reliability. Nevertheless, the associated staking features would mean Ethereum could attract more government oversight, especially in the U.S. where the Securities and Exchange Commission (SEC) considers Ethereum as a financial security.

This theory also validates the recent price surge as investors anticipate more regulations.

The current ETC price action is an attempt to correct the positive trend displayed by the token over the past week where Ethereum Classic recorded a surge of up to 24% from $15 to the current rate of $18.35. As it stands, the highest price Ethereum Classic has ever recorded is $167.09, which would mean a 793% drop from its all-time high (ATH).

Will ETC Price Break Above The $20 Resistance?

Ethereum Classic price is currently hovering below the $20 psychological level after bulls failed to break this barrier in Wednesday’s rallying session. The resistance has proven formidable since November preventing the ETC price from recording further gains.

Currently, the price relies on the support offered by the 50-day Simple Moving Average (SMA) at the $18 psychological level, after the bulls flipped it from resistance on Wednesday.

ETC/USD Daily Chart

Ethereum Classic Price Chart — TradingView Chart: ETC/USD

The moving average convergence divergence (MACD) indicator was pointing upwards, a suggestion that the market still favoured the upside. The relative strength index (RSI) was positioned at 59 above the midline, implying that the buyers were still in control of the Ethereum Classic price.

If the bulls can increase their buying pressure from the current levels, they could push ETC to climb past the resistance at $20. Such a move would open the path for the token rise higher to tag the next barrier at $21, embraced by the 100-day SMA. Breaching past these two barriers would set the Ethereum Classic price on its way toward the the 200-day SMA at 25, representing a 35% ascent.

On the downside, the RSI was pointing downward, a sign that the ongoing correction may continue for the short term. As such, a daily candlestick close below the 50-day SMA at $18 would indicate the inability of the buyers to sustain the higher levels. Resultantly, the ETC price could crack below the support at $17.0 and if the worst happens, the token may trace further down to the $14.7 support floor.

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