|

Ethereum Classic Price Prediction: ETC coils up for 40% upswing

  • Ethereum Classic price shows choppy action as it approaches the lower trend line of an ascending parallel channel.
  • The $52.92 support floor is likely to be tagged before a 40% upswing originates.
  • A decisive close below $48.41 will create a lower low, invaldiating the bullish thesis.

Ethereum Classic price has been consolidating for about nine days without a clear directional bias. However, ETC shows that it is nearing a crucial support floor on a higher time frame, and an uptrend seems likely.

Ethereum Classic price to kick-start an explosive run-up

Ethereum Classic price set up three higher lows and three higher highs since June 22. Drawing trend lines connecting these swing points results in the formation of an ascending parallel channel. 

The last two times ETC retested the lower trend line of the channel, it resulted in an explosive uptrend. Although the recent retest was a wick on September 7, the current consolidation could result in a proper retest of the $52.92 support floor, coinciding with the lower trend line of the channel.

Investors can expect a resurgence of buyers around this point, resulting in a massive uptrend. ETC needs to slice through the middle line of the technical formation to reach the $73.94 resistance barrier. This move would constitute a 40% ascent from the $52.92 platform.

In a bullish case, the Ethereum Classic price will likely continue the uptrend and $84.50, representing a 60% advance.

ETC/USDT 12-hour chart

ETC/USDT 12-hour chart

While things seem to be going well for the Ethereum Classic price, a breakdown of $52.92 will question the optimism. However, a decisive 12-hour candlestick close below $48.41 will create a lower low, indicating a bearish breakdown and invalidating the bullish thesis.

In this case, ETC could likely revisit $43.13.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Cardano Price Forecast: ADA defends key support level amid mounting bearish pressure

Cardano continues to consolidate above its $0.1894 support level on Monday, stabilizing after roughly an 8% loss on last Thursday. On-chain data shows reduced activity among large-wallet investors, commonly referred to as whales, despite a rise in Cardano’s social chatter.

Solana Price Forecast: SOL slides below key EMAs as ETF outflows peak

Solana remains under pressure on Monday, hovering around $95.48 after extending its losing streak to five consecutive weeks. Bearish sentiment strengthens as SOL’s spot Exchange Traded Funds recorded weekly outflows of $71.47 million, marking the largest withdrawals since their launch.

Top 3 Price Predictions: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP rebound as November begins after a losing October

Bitcoin, Ethereum, and Ripple recover slightly on Monday after closing October with four straight weeks of losses. BTC climbs above $78,462 after finding support around its key support zones, while ETH rebounds above $2,295 but remains below key Exponential Moving Averages, keeping its near-term outlook bearish.

Zcash Price Forecast: ZEC rebounds as ZODL founder now supports ending community grants
Zcash (ZEC) shows signs of recovery on Monday, extending gains above $1,250 as the Zcash Open Development Lab (ZODL) founder, Josh Swihart, now supports the compromise proposal to end the 8% block reward share directed to Zcash Community Grants (ZCG).
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.