Ethereum Classic price prediction indicates that the ETC price is presently moving near the seller’s threshold on the daily timeframe. The price is presently trading within a consolidation below the 200 EMA in the supply zone. ETC token recently took a downturn from its previous and crucial resistance level near $23.00. The buyers have tested this barrier level thrice, facing rejection each time. Hence it can be estimated that there is severe selling pressure near this price point.
The constant attempt of the buyers might weaken the barrier, allowing the bulls to rally. However, that moment may not take place in the near future as the market structure is presently in the demand zone encouraging the sellers to step into the price action.
Ethereum Classic Price Prediction: Technical Analysis on Daily Chart
If the sellers succeed in taking control of the price action, Ethereum Classic crypto can lose 12 to 20% of its value in the near future on the one day chart. As the price is taking constant support from the $18.50 point while consolidating, investors may keep a keen watch on the breaking of this level with substantial strength. The breaking of this immediate support level will announce the bears’ arrival.
The relative strength index (RSI) line is moving between the overbought level and the median line. The current RSI value of the ETC token is 52.41 points. The RSI line is presently taking resistance from the 14 SMA levels at around 55.06 points.
Technical Analysis on Daily Chart ETC/BTC
The ETC/BTC pair has marginally more buying and selling pressure than a few other BTC pairs. For the past few months, the price has been trading under the 200 EMA within the seller’s grasp. Presently, it is moving in the demand zone near the immediate support level. The RSI and stochastic oscillators are moving in contrast with each other. Where the stochastic RSI is near the demand zone, the RSI is trading near the supply zone.
The RSI line has recently crossed below the 14 SMA and it is presently moving near the median line. The present value of the RSI line is 51.22 points.
Conclusion
According to the analysis, the ETC token is trying to breach its major barrier level near the 200 EMA without success. If the sellers succeed in taking control of the price action, Ethereum Classic crypto can lose 12 to 20% of its value in the near future on one day chart.
Technical Levels:
Support -$17.00
Resistance – $24.00
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.
Source: https://www.thecoinrepublic.com/2023/07/16/ethereum-classic-price-prediction-etc-price-testing-its-barriers/