- Ethereum Classic price witnessed a 100% rally in one week.
- ETC price shows prevalent volume within the current consolidation and bearish divergence on the Relative Strength Index.
- Invalidation of the downtrend scenario is a breach above $28.19.
Ethereum Classic price has wiggle room to fall. A retracement towards $18 is within reach.
Ethereum Classic price reroutes south
Ethereum Classic price showed an impressive 100% rally since July 13 into the newly marked highs at $28.19. A volume profile indicator shows significant bearish presence near the congestion zone which led to the final 20% increase during the recent bullrun.
Ethereum Classic price currently trades at $23.95 as the bears have established control over price action on the 8-hour chart. The recent breach below the $24 level may be a favorable entry and catalyst to induce a 20% decline towards $19. The Relative Strength Index confounds the bearish idea as divergence was witnessed between the highs established on July 21 and July 22 on the 8-hour chart.
ETCUSDT 4-Hour Chart
Invalidation of the bearish thesis is a breach above the swing high at $28.19. If the bulls can hurdle this barrier, they should be able to target $30, resulting in a 28% increase from the current Ethereum price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of inerest in the market. -FXStreet Team
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