Is a 75% decline still possible for the Ethereum Classic price?
|- Ethereum Classic price continues to display strength in the market based on volume.
- ETC has failed previously despite showing similar bullish technicals.
- Invalidation of the uptrend is dependent on $13 holding as support.
Ethereum Classic price is conflicting
Ethereum Classic price rallied 100% between July 12 and July 24 before a short consolidation unfolded. After a few shallow days of sideways congestion, the Ethereum Classic price kicked off another 90% rally.
Ethereum Classic price tends to consolidate under low volume propelling higher. The Relative Strength Index shows a bearish divergence between highs established in March 2022 at $48 and the recent August highs near $39. During March, the Volume Profile indicator displayed a classical uptick in volume just like it is currently displaying. Still, ultimately the bulls lost momentum and a sweep-the-lows event occurred days after.
Ethereum Classic price currently auctions at $36.81. Although short-term bullish targets reside at $48, $50 and $60, investors should be aware of the history of Ethereum Classic price as it tends to diverge from classical style price action methods. A sweep-the-lows event will remain on the cards until the RSI finds balance and reconquers oversold territory.
ETC/USDT 3-Day Chart
Thus, it is best to think of the Ethereum Classic price as a short-term liquid asset instead of a coin to faithfully hodl. Early evidence of a sweep-the-lows event targeting will be a breach of $18.90. If the bulls lose ground at this level, $13 and potentially $8 will be on the cards, resulting in up to a 75% decrease 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
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