Ethereum Classic Price Prediction: Has the FOMO rally topped?
|- Ethereum Classic consolidates within a weekly demand zone.
- ETC price replicates a forecasted fractal wave from previous outlooks.
- A breach of $36 could promote a free-fall decline targeting $22.
Ethereum Classic price may be demonstrating a topping pattern based on technical indicators and fractal wave theory.
Ethereum Classic price follows suit
Ethereum Classic price currently consolidates near a weekly zone as the sellers appear to have faded away on the Volume Profile indicator. A significant bearish divergence accompanies the new weekly high at $45.71 on the Relative Strength Index.
Ethereum Classic price currently trades at $40.93. Earlier this month, a fractal wave from a previous Ethereum Classic bullrun was utilized to forecast how an additional wave up could look following ETC’s 200% rally since June. Currently, the Ethereum Classic price is following the fractal as the profit-taking consolidation could be early evidence of a topping pattern formation.
ETC/USDT 1-Day Chart
If the technicals are correct, the $36 supportive barrier breach could be the sell signal bears are looking for. Bearish targets lie at $28 and $22, resulting in a 47% decline from the current Ethereum Classic price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.