Ethereum Classic price is down twice as much as Bitcoin but hints at a countertrend bounce
|- Ethereum Classic price is down 12% in the month of October.
- ETC price falls on low volume and has breached extremely oversold conditions on the Relative Strength Index.
- Invalidation of the bullish thesis depends on $25 holding as support.
Ethereum Classic price is more oversold now than it has been for most of the summer. A pullback could occur in the coming days.
Ethereum Classic price could rally
Analysts are watching the Ethereum classic price closely this week as a profitable opportunity could present itself in the coming days. Since October, the Ethereum classic price has fallen 12%, twice as much as Bitcoin and Ethereum.
A strong bearish engulfing candle has been produced, causing the bulls to abandon the ship and remain sidelined. Still, the sell-off shows weakening signals in the grand scheme of things.
Ethereum Classic price currently auctions at $25.40. The Volume Profile Indicator shows a profound tapered look, hinting that the downtrend’s strength is waning. Additionally, the July 12lows when ET traded at $13.00 just before the infamous 300% rally.
ETC/USDT 8-Hour Chart
Combining these factors, the Ethereum Classic price should witness a pullback in the coming days. If the bulls can hurdle the $27.00 broken support level, a rally toward $33 could occur. Such a move would result in a $30% increase from the current Ethereum Classic price. Invalidation of the bullish thesis is a breach below the $25 support zone. If the bears breach this level, an additional 12% decline will likely occur, targeting $22 liquidity levels.
In the following video, our analysts deep dive into Bitcoin's price action, analyzing key market interest levels. -FXStreet Team
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