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Ethereum Classic price is down twice as much as Bitcoin but hints at a countertrend bounce

  • Ethereum Classic price is down 12% in the month of October.
  • ETC price falls on low volume and has breached extremely oversold conditions on the Relative Strength Index. 
  • Invalidation of the bullish thesis depends on $25 holding as support.

Ethereum Classic price is more oversold now than it has been for most of the summer. A pullback could occur in the coming days.

Ethereum Classic price could rally

Analysts are watching the Ethereum classic price closely this week as a profitable opportunity could present itself in the coming days. Since October, the Ethereum classic price has fallen 12%, twice as much as Bitcoin and Ethereum.

 A strong bearish engulfing candle has been produced, causing the bulls to abandon the ship and remain sidelined. Still, the sell-off shows weakening signals in the grand scheme of things.

Ethereum Classic price currently auctions at $25.40. The Volume Profile Indicator shows a profound tapered look, hinting that the downtrend’s strength is waning. Additionally, the July 12lows when ET traded at $13.00 just before the infamous 300% rally.

tm/etc/10/10/22

ETC/USDT 8-Hour Chart

Combining these factors, the Ethereum Classic price should witness a pullback in the coming days. If the bulls can hurdle the $27.00 broken support level, a rally toward $33 could occur. Such a move would result in a $30% increase from the current Ethereum Classic price. Invalidation of the bullish thesis is a breach below the $25 support zone. If the bears breach this level, an additional 12% decline will likely occur, targeting $22 liquidity levels.

In the following video, our analysts deep dive into Bitcoin's price action, analyzing key market interest levels. -FXStreet Team

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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