Ethereum Classic Price Prediction: Will ETC Escape Declining Streak?

• The Ethereum Classic was currently at $20.29, decreasing 1.00% during the intraday trading session.
• The 24-hour low of ETC was $20.22 and the 24-hour high of ETC was $20.52.
• The current Ethereum Classic token price is below 20, 50, 100, and 200-Day EMA.

The pair of ETC/BTC was trading at 0.0007269 BTC with a dip of 0.70% over the intraday trading session.

Throughout 2022, the token underwent multiple fluctuations, indicating high volatility in the market, as evidenced by the daily trading chart. Initially, sellers dominated the market, but buyers attempted to drive the token’s price up, resulting in the token breaking its secondary resistance. However, soon after, sellers re-entered the market and pushed the token below its primary resistance, causing it to hit a new 52-week low. Towards the end of the year, sellers drove the token below its primary support, where it remained until the end of the year.

Following the start of 2023, the token began to rise again, breaking its primary support and reaching its primary resistance. Once the token hit its primary resistance, it began consolidating between its primary support and resistance levels. However, after a shooting star candlestick formation appeared on the daily chart, the token started to decline and is currently trading near its primary support.

Ethereum Classic price prediction suggests that if the token successfully breaks out from its consolidation phase with the help of buyers, then it may show a bullish rally on the chart. This means that ETC’s price could potentially rise in the near future if there is enough demand from buyers to drive the price upwards.

Over the past 24 hours, the volume of the coin has risen by 14.91%, indicating an increase in the number of buyers. This suggests that buyers are making an effort, however, the lack of a correlation between volume and the price of ETC represents a weakness in the current bearish phase, and a potential reversal may be on the horizon.

The technical analysis of Ethereum Classic: 

RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing ETC downwards. This suggests the strength of the current bearish trend. The current value of RSI is 48.60 which is below the average RSI value of 51.71. 

The MACD and the signal line are increasing but not showing a definitive crossover over the daily chart which can support the RSI claims. However, MACD and the signal line are above zero which indicates buying sentiment in the market. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

In conclusion, the current price of Ethereum Classic stands at $20.29, having decreased by 1.00% during the intraday trading session. The token has been experiencing fluctuations, as indicated by the daily trading chart, and is currently below the 20, 50, 100, and 200-Day EMA. The technical analysis of ETC suggests that the token is experiencing a bearish trend, with the RSI indicating that sellers are coming in the majority, pushing ETC downwards. However, the MACD and signal line being above zero indicate a buying sentiment in the market. The recent increase in the volume of the coin by 14.91% suggests an increase in the number of buyers, indicating a potential reversal on the horizon. If buyers manage to break the consolidation phase, then the token could show a bullish rally on the chart, leading to a rise in its price in the near future. Investors need to closely monitor the charts during the day’s trading session to make informed decisions.

Technical Levels-

Resistance level- $24.022 and $38.821

Support level- $19.336 and $14.649

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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