Ethereum Classic Price Forecast: ETC bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin price decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

Ethereum Classic price makes its move

Ethereum Classic price lost its directional bias after dropping 20% between September 17 and 18. The consolidation after September 18 has been around the $27 level and ETC is currently attempting to overcome it. 

While the possibility of an upswing is on the cards for Ethereum Classic price, investors need to prepare for a potential reversal that pushes ETC lower. A dip into the $22.88 to $26.30 demand zone is clearly the best-case scenario for bulls, as it would provide momentum to move prices higher.

Therefore, a 5% downswing followed by a quick reversal is likely. The spike in bullish momentum here could trigger ETC to rally by 17% to $30.91. Market makers might sometimes push Ethereum Classic price to sweep this level and collect the buy-stop resting above these highs. 

ETC/USDT 4-hour chart

On the other hand, if Ethereum Classic price fails to react to the $22.88 to $26.30 demand zone and continues to slice through it, it will indicate an overwhelming increase in selling pressure. If this trend continues, ETC could produce a daily candlestick close below the said demand zone and invalidate the bullish thesis.

This development could see Ethereum Classic price revisit the $20 psychological level.