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- 1 Ethereum Classic crypto price was at $27.13 recording an intraday development of 0.89% at the time of writing.
- 2 The technical aspect shows a positive outlook above the 20 and 50-Day EMAs.
Ethereum Classic (ETC) crypto looks primed to break from its six-week correction phase. The price is on its way up, taking support from the key EMAs. The 20 and 50-Day EMAs are acting as dynamic support levels and launch pads for the crypto.
ETC declined sharply after a short-term bull run in the 1st half of January that helped short-term traders and investors gain nearly 50%. The crypto price lifted off after registering a breakout near the $20 level and peaked near $30.
The crypto came under selling pressure near the round level of $30 and dropped lower. However, ETC got support at the 50-Day EMA which prevented the price from dropping further.
At the time of writing, the Ethereum Classic crypto was at $27.13 with an intraday drop of 0.89%. It had a live market capitalization of $3.95 Billion and ranked 26th in the overall crypto market.
The circulating supply of ETC tokens is 145.64 Million tokens against a total supply of 210.7 Million tokens. Moreover, it has a fully diluted market cap of $5.72 Billion.
Ethereum Classic Crypto Technical Analysis
ETC price is trading comfortably above the 20 and 50-Day exponential moving averages suggesting a positive outlook in the short term.
At the time of writing, the RSI line was at 60.17 points and SMA line was at 59.11, highlighting positive sentiments. Moreover, the RSI line has made a bullish crossover on the SMA line, indicating the resumption of a bullish trend.
Ethereum Classic Crypto Price Action Analysis
Currently, Ethereum classic crypto is headed higher and recovering slowly and steadily, forming higher lows. Until the buyers defend the previous lows, the crypto is likely to signal a positive outlook and will continue to edge higher.
Currently, the buyers have established themselves near the recent low of $25 which is also an important round level. Fresh downside moves may be observed on the charts if Ethereum Classic crypto breaks below, dragging to lower demand zones of $22 and $20.
On the upper side, the $27.65 has been acting as a major hurdle for the buyers. If the price breaks and starts trading comfortably above the $27 level, it may unlock price potential till the $30 level which is a nearly 20% spike.
Ethereum Classic Price Prediction February 2024
The most optimistic view of analysts estimates that the ETC crypto may rise to a recent swing high of $30 by the end of February 2024. However, the pessimistic aspect of analysts suggests that the price could break below the nearest support and 50-Day EMA at $25
The price forecast for the year 2024 is $45.7 (high), suggesting a potential gain of over 68.8% if the most positive conditions prevail, while the bearish outlook of the analysts pegs the price at $36.80 by the year-end.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
