• Ethereum Classic price is set to print a subtle hammer at the bottom of the downtrend.

  • The volume profile shows a persistent tapered look amidst the downtrend.

  • Invalidation of the bullish reversal thesis is a breach at $24.90.

Ethereum classic could make a surprise move to the upside if market conditions persist.

Ethereum Classic price has potential

Ethereum Classic could see a spike to the upside. At the time of writing, the bulls are attempting to regain the support of the 8-day exponential moving average (EMA) but have not yet succeeded. Despite the rejection, the volume profile indicator shows a consistent tapered look during the current downturn, which suggests the trend may be weakening.

Ethereum Classic currently auctions at $27.65. The Relative Strength Index's reading is the most confounding evidence supporting the potential for a bullish reversal. On the 2-day chart, while a hammer is minutes away from being formed, a subtle bullish divergence is displayed. More importantly, the divergence is at the precise level where corrections must choose between a reversal or a continuation to the downside. 

tm/etc/9/29/22

ETC USDT 2-Day Chart

Combining these factors, an Ethereum Classic pump should not be ruled off the table. Early confirmation of the trend reversal could occur if the bulls hurdle the 8-day EMA at $28.33. In doing so, the bulls could re-route, targeting the 21-day Simple Moving Average at $32.25. Such a move would result in a 17% increase from the current ETC price.

If the bears continue to reign, a 18% nose dive into the previous $23 congestion zone will likely occur. The failure to hurdle the 8-day EMA provokes this scenario.

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

 

 


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.

Recommended content


Recommended Content

Editors’ Picks

Is Ethereum's comeback real?

Is Ethereum's comeback real?

Ethereum price hovers above $2,500 on Friday after soaring nearly 100% since early April's bottom. The ETH Pectra upgrade has boosted over 11,000 EIP-7702 authorizations in a week, indicating healthy uptake by wallets and dApps. The growing stablecoin usage and tokenization, Layer 2 institutionalization and ETH short unwind support the price rally.

Bitcoin Weekly Forecast: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin Weekly Forecast: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin price stabilizes around $103,000 on Friday after facing multiple rejections at the key $105,000 resistance level throughout the week. Risk-on sentiment prevails, driven by global trade deals, strong corporate accumulation, and spot ETF inflows.

EOS price climbs as sentiment improves following $3 million purchase by President Trump's World Liberty Financial

EOS price climbs as sentiment improves following $3 million purchase by President Trump's World Liberty Financial

EOS price rebounds from short-term support at $0.75, boosting bullish sentiment amid broader market consolidation. President Donald Trump's World Liberty Financial purchases $3 million worth of EOS at an average price of $0.82.

FTX creditors set to receive over $5 billion in recovery plan payout handled by Kraken and BitGo

FTX creditors set to receive over $5 billion in recovery plan payout handled by Kraken and BitGo

Defunct crypto exchange FTX will distribute $5 billion to holders of allowed claims starting May 30. Creditors with completed pre-distribution requirements will receive between 54% and 120% of their original claims.

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.

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