• Ethereum Classic price lost as much as 22% during Wednesday's trading session.
  • Despite gaining more than 20% from yesterday's lows, Ethereum Classic remains bearish.
  • The road to a bullish breakout is long and complex.

Ethereum Classic price was hammered during broad cryptocurrency sell-off on Wednesday. While it has recovered most of that crash, Ethereum Classic struggles to maintain those gains and is barely holding on to the key $50 value area.

Ethereum Classic price requires an 18% rise to qualifying for a bullish entry

Ethereum Classic is almost pitiful in its present state. The sell-off Wednesday terminated any near-term bullish sentiment and has pushed Ethereum Classic into some significant danger zones. It is below all key Ichimoku levels: the Tenkan-Sen, Kijun-Sen, Senkous Span A and Senkou Span B. Adding to the bearishness is the Chikou Span in danger of closing below the candlesticks.

For Ethereum Classic to enter into a clear and indisputable bull market, it needs to close above all the Ichimoku levels and close above the Cloud at $61. From there, a new expansion phase can occur. The only piece of technical data on Etheruem Classic price is the position of the Optex Bands. The Optex Bands are near the extreme oversold level and indicate that further downside pressure will be more difficult for sellers to achieve. Additionally, the Relative Strength Index shows a rising hook off of the 40 level, hinting at some bullish divergence developing.

ETC/USDT Daily Ichimoku Chart

Buyers are at the precipice here. Any final hints of bullish support will likely be terminated if Ethereum Classic closes at or below $48. A close at $48 or below would position the Chikou Span below the candlesticks into open space, creating an Ideal Bearish Ichimoku Breakout, which could throw Ethereum Classic price back into the $20 value area.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Raydium soars 18% as Upbit lists RAY/KRW and RAY/USDT trading pairs

Raydium soars 18% as Upbit lists RAY/KRW and RAY/USDT trading pairs

Raydium (RAY) price rallies more than 18% on Thursday after rebounding from its key support the previous day. The main reason for RAY’s rally is that Upbit, South Korea’s largest cryptocurrency exchange, announced the listing of RAY trading pairs.

Ethereum Price Forecast: ETH stays muted as uncertainty from Middle East crisis weighs on market sentiment

Ethereum Price Forecast: ETH stays muted as uncertainty from Middle East crisis weighs on market sentiment

Ethereum (ETH) held steady around $2,500 in the early Asian session on Thursday following mixed activity across its on-chain data. Ethereum is experiencing calmness in its on-chain metrics following an extended period of price consolidation that has spanned the past six days after dropping from above $2,700.

Top 3 Crypto Gainers: RAY, AERO, SPX shrug off market volatility, record double-digit growth 

Top 3 Crypto Gainers: RAY, AERO, SPX shrug off market volatility, record double-digit growth 

Decentralized Finance (DeFi) tokens such as Raydium (RAY), Aerodrome Finance (AERO), and SPX6900 (SPX) outperformed the broader cryptocurrency market over the last 24 hours, following the Federal Reserve's decision to keep the policy rates unchanged at 4.25%-4.5% in the June policy meeting.

Bitcoin, Ethereum, XRP hold steady as Federal Reserve leave rates unchanged

Bitcoin, Ethereum, XRP hold steady as Federal Reserve leave rates unchanged

Bitcoin (BTC) and altcoins, including Ethereum (ETH), XRP, and Solana (SOL), saw slight movements on Wednesday as the crypto market stayed resilient following the Federal Reserve's (Fed) decision to leave rates unchanged at 4.25%-4.50%.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP