Home
News
- 1 Ethereum Classic price prediction highlights the decline of ETC crypto through an interesting pattern.
- 2 ETC crypto has slipped below 20, 50, 100 and 200-days daily moving averages.
- 3 Ethereum Classic cryptocurrency has gained 3.95% year to date.
Ethereum Classic price prediction indicates a decline in the value of ETC, as observed in a falling wedge pattern on the daily chart. At the moment, ETC crypto is making efforts to bounce back from the lower trendline within this descending wedge pattern. However, for ETC crypto to make a significant upward movement towards the upper trendline, it must attract more buyers. In the meantime, investors should exercise patience and wait for the accumulation rate to rise before engaging in trading at an opportune moment.
Ethereum Classic price was at $16.32 and has gained 0.49% of its market capitalization during the day’s trading session. However, trading volume has decreased around 11.98% during the intraday trading session. This demonstrates that sellers are still present in the trade and may try for a pullback. Volume to market cap ratio was 4.69%.
Ethereum Classic Price Prediction: ETC Returning From Oversold Zone – RSI
The forecast for Ethereum Classic price highlights the challenge faced by ETC cryptocurrency in maintaining its position along the lower trendline of the falling wedge pattern. Currently, there’s a noticeable decrease in trading volume, which should ideally see an uptick during the intraday trading session. ETC crypto needs a volume spike in order to sustain and recover towards the upper boundary of the pattern.
In addition, the Ethereum Classic cryptocurrency has experienced a decline of 8.52% over the course of a week and a 14.50% decrease within a month. ETC has slipped by approximately 10.91% over the past three months and 27.16% in the preceding six months. However, Ethereum Classic has managed to achieve a modest gain of 3.95% year-to-date. This indicates that Ethereum Classic crypto possesses the capacity to recover from its lower position in the year 2023.
Technical indicators suggest the sustainability issues of ETC cryptocurrency. Relative strength index (RSI) shows the return of ETC crypto price from the oversold territory. Whereas, moving average convergence divergence (MACD) still indicates the decline of ETC.
RSI was at 26 and is trying to return from the oversold territory. The MACD line is below the signal line waiting for a crossover. Investors in Ethereum Classic crypto need to wait for a clear directional change over the daily time frame chart.
Summary
Ethereum Classic price prediction indicates a decline in the value of ETC as observed in a falling wedge pattern on the daily chart. Trading volume is noticeably low and could see an uptick intraday. Ethereum Classic has managed to achieve a modest gain of 3.95% year-to-date. Technical indicators highlight the sustainability issues of ETC cryptocurrency. Investors in Ethereum Classic crypto need to wait for any clear directional change over the daily time frame chart.
Technical Levels
Support Levels: $15.75 and $15.00
Resistance Levels: $16.75 and $17.45
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 or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
