Assessing the Ethereum Classic price and its bounce-worthy potential


Share:

  • 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

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Will Bitcoin price test $20,000 again?

Will Bitcoin price test $20,000 again?

Bitcoin price shows clear signs of distribution occurring on the four-hour chart, which indicates the possibility of a trend reversal. Moreover, BTC has been consolidating for more than two weeks with no direction in sight, making it a perfect place to form a local top.

More Bitcoin News

Ethereum Classic Price Prediction: ETC inching towards greatness?

Ethereum Classic Price Prediction: ETC inching towards greatness?

Ethereum Cassic price is consolidating before what appears to be the next move up. Risk management should be considered moving forward, as the ETC price will likely witness an influx of volatility.

More Ethereum Classic News

Will Binance Coin price face a drawdown as Binance suspends USD bank transfers from February 8?

Will Binance Coin price face a drawdown as Binance suspends USD bank transfers from February 8?

Binance is the biggest cryptocurrency exchange in the world. It also emerged as a key player in the crypto industry owing to its initiatives following the FTX collapse in November 2022. 

More Binance Coin News

Digital Currency Group reaches agreement with Genesis, set to wind down its loan book

Digital Currency Group reaches agreement with Genesis, set to wind down its loan book

The Digital Currency Group (DCG) and Genesis have been making headlines for weeks now. The crypto lender filed for bankruptcy last month, and the heat surrounding the development is only starting to subside. On the other hand, DCG is attempting to fix it all in one go.

More Crypto News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP