Ethereum Classic Price Analysis: ETC bides time before the next upswing kicks in

  • ETC price is stuck in a tight range between two key Fibo levels on the 12H chart.
  • Overbought conditions warrant caution but the coin defends key support so far.
  • Ethereum classic awaits fresh impetus for the next direction.

ETC/USD is lacking a clear directional bias so far this Saturday, licking its wounds after extending the corrective decline from lifetime highs of $184.81.

With retail investors looking for undervalued investment alternatives after the meteoritic rise in Bitcoin, Dogecoin, Ethereum among other cryptocurrencies, Ethereum Classic rose nearly 50% on Thursday, reaching the highest level on record.

The bulls took a breather thereafter, as the ETC price retraced nearly half the rally to record highs.

ETC/USD: Where are the prices headed next?

As observed on Ethereum Classic’s 12-hour chart, the price has managed to defend key support near the $111 mark, which is the 50% Fibonacci Retracement level of nearly 300% rally seen so far this month.

Despite Friday’s sharp sell-off, ETC bulls recaptured the latter to settle the day at $119.91. At the time of writing, the coin is up nearly 1%, trading around $121 levels.

The price has formed a doji candlestick on the said time frame, suggesting that the bulls and bears appear to be fighting for control.

The 61.8% Fibonacci level of the same upsurge at $127.20 is limiting any upside attempt in the spot.

ETC/USD: 12-hour chart

Amid the range play, traders are awaiting a strong catalyst for the next direction in prices.

However, with the relative strength index (RSI) hovering within the overbought territory, the ETC bulls remain cautious.  

The corrective downside could regain traction only a 12-hour candlestick closing below the 50% Fibo level, which is likely to expose the $100 psychological level.

The next downside target is envisioned around the  $94-84 region, which is the confluence of Thursday’s low and 38.2% Fibo level.

Alternatively, acceptance above the 61.8% Fibo level could reinforce the bullish momentum, with eyes once again on the $150 barrier. At that level, the 78.6% Fibo level coincides.

A sustained break above the latter could put the all-time highs at risk.

ETC/USD: Additional levels to watch


Today last price 118.4912
Today Daily Change 1.1405
Today Daily Change % 0.97
Today daily open 117.3507
Daily SMA20 48.8042
Daily SMA50 29.727
Daily SMA100 20.5091
Daily SMA200 13.3632
Previous Daily High 141.425
Previous Daily Low 106.2547
Previous Weekly High 164.715
Previous Weekly Low 41.0191
Previous Monthly High 47.1387
Previous Monthly Low 13.3169
Daily Fibonacci 38.2% 119.6897
Daily Fibonacci 61.8% 127.9899
Daily Pivot Point S1 101.9286
Daily Pivot Point S2 86.5065
Daily Pivot Point S3 66.7583
Daily Pivot Point R1 137.0989
Daily Pivot Point R2 156.8471
Daily Pivot Point R3 172.2692



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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast