Ethereum Classic price prediction remains bullish till ETC crypto holds the $14.00 support. It suggests that the recovery in the ETC price may continue in the coming months.
ETC price is trading below the 200-day and 50-day EMA denotes a downtrend. However, the EMAs are sloping sideways so prices are likely to consolidate before deciding the direction.
In the middle of August, the Ethereum Classic crypto price broke the $18.00 support. It triggered a negative sentiment and the ETC price fell 23% in just 3 trading sessions.
However, the recent downfall is due to the sell-off in the overall crypto market. So a downside in ETC looks limited and a bounce back is possible.
At the beginning of June, the sellers of Ethereum Classic tried to drag the prices below $14.00. But luckily they failed and prices took a U-turn. It showcases that buyers are active near $14.00 and acting as a demand zone for the bulls.
Ethereum Classic price is trading at $15.87 with an intraday rise of 0.06%. The 24-hour volume to market cap is 2.35%.
Is Ethereum Classic Price Cheap at Current Levels?
Ethereum Classic price prediction favors the bulls but for the short term narrow range consolidation is possible. ETC price is in a recovery phase and buyers are trying to hold the $15.00 level.
Till the ETC crypto price sustains above the $14.00 support the possibility of continuing the recovery remains high. However, the confidence of the buyers will be visible when prices climb above the 200-day EMA.
On the other hand, if the situation gets worse and the Ethereum Classic price drops below $14.00. Then 10% more downside will open which will take the prices to $12.00.
ETC Price Analysis on Weekly Time Frame
ETC Price fell 11% in the previous week and formed a bearish candle on a weekly time frame. However, in the current week buyers defended the previous low and formed a Doji.
The MACD curve in ETC crypto is also reversing upward and might generate a positive crossover. It indicates bulls are active and took the recent sell-off as an opportunity to accumulate ETC.
The RSI curve at 38 is recovering from the oversold territory and may reach the neutral zone soon.
Conclusion
Ethereum Classic price prediction is bullish and suggests ETC price will continue the recovery. Buyers seemed to be active near $14 and took the sell-off as an opportunity to accumulate ETC crypto at cheap prices. Therefore, No need to worry, ETC is still good for long-term investment.
Technical levels
- Resistance levels: $20.36 and $25.00
- Support levels: $14.00 and $12.62
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.
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.
Source: https://www.thecoinrepublic.com/2023/08/27/ethereum-classic-price-prediction-etc-hold-14-no-need-to-worry/