Assessing the Ethereum Classic price and its bounce-worthy potential

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. 

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