The ETC crypto has not performed well in the last month, decreasing by 16.21% and by 22.01% in the last six months. Ethereum Classic (BITFINEX: ETC) crypto has a negative year-to-date return of 1.11% and a negative one-year return of 51.96%.
Ethereum Classic crypto plummeted by 2.98% in market value and surged by 6.14% in trading volume in the last 24 hours, as per the Coinmarketcap, a crypto data analysis website. Its market value is $2,219,030,449 and its trading volume is $108,443,334. There are 142,773,527 ETC in circulation.
ETC Crypto Price Technical Analysis in the 1-Day Timeframe
ETC crypto price showed a downward trend for the past month, decreasing by 16.21% during this period and the price fell by making lower lows and highs.
At the time of publication, the ETC crypto price was trading at $15.559 and facing resistance from the trendline reached the demand zone, and then the price boosted upwards from the demand zone around $14.450 as the orders were present at this level.
Therefore, if it fails to maintain the current level, the ETC crypto price could continue to move downwards and reach the nearest support at $14.450 and $12.757.
However, if the ETC crypto price sustains the current level and rises, then it might hit the nearest resistance levels of $17.117 and $18.913.
At the time of publishing, the ETC crypto price (BITFINEX: ETC) is trading below the 20, and 50-day EMAs (exponential moving averages), which are rejecting the ETC crypto price trend.
The MACD line at 0.447 and the signal line at 0.503 are below the zero line and both lines cross multiple times on each other and each time histogram gap is decreased even further highlighting consolidation in ETC price in the MACD oscillator. The current value of the RSI is 39.60 points and the 14-day SMA is below the median line at 38.20 points, which indicates bearish sentiments as the RSI is in the oversold zone in the market for the ETC crypto and highlighting bearishness.
Conclusion
ETC crypto price prediction highlights the bearish sentiments and perspectives of investors and traders regarding ETC crypto in the daily time frame. Ethereum Classic price action suggests a negative view at the time of publishing. Moreover, the technical parameters of the Ethereum Classic price suggest the continuation of the downtrend over the daily time frame chart. Major reliable indicators RSI, MACD, and EMA, give negative signals regarding the ETC crypto price.
Technical Levels:
- Support levels: The nearest support levels are $186 and $168.
- Resistance levels: The nearest resistance levels are $249 and $273.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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/2023/09/01/etc-price-forecast-2023-will-ethereum-classic-boost-or-deprive/