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Assessing the Ethereum Classic price and its bounce-worthy potential

  • Ethereum Classic price has been down 50% since September.
  • ETC price hovers over a key Fibonacci level.
  • The uptrend depends on the $20 liquidity zone remaining unbreached.

Ethereum Classic price is at an appetizing level that could reward early buyers. Key levels have been defined.

Ethereum Classic price has potential.

Ethereum Classic is down 50% since the summertime 3x rally occurred. Now the question is will O.G. ETH show a bounce or reach its ultimate demise?

Ethereum Classic price currently auctions at $21.86. The Relative Strength Index (RSI) shows the ETC price fell into extremely oversold territory amidst the recent decline. The RSI fell into the equivalent level that ETC fell into at $13 before the 3x bullrun. 

tm.etc.10/21.22

ETCUSDT 8-Hour Chart

The price action still leans in the bulls' favor as the largest candle sticks within the previous uptrend, and current selloffs are green engulfing candles. A Fibonacci retracement tool surrounding the entirety of the 3x rally shows the current $22 ETC as just a mere 61.8% retracement.

The Ethereum Classic price shows multiple bullish signals when putting everything together. A rally towards the previously broken support at $27 would yield a 25% return for early bulls. Invalidation of the bullish countered idea would be a breach below the $20 thrust candles.

If the bears tag this level, the entire trend will likely be in jeopardy. The bears could reroute south towards $13 summer lows resulting in a 20% decrease from the current Ethereum Classic price. 

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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