Ethereum Classic Price Prediction: ETC recovery could lead to 30% advance


  • Ethereum Classic price is highly resilient as it 94% after the correction between June 21 and June 22.
  • After this massive uptrend, ETC is likely to retrace to the equilibrium at $47.4.
  • A breakdown of the support barrier at $46.86 will lead to further downswing and delay the upswing.

Ethereum Classic price experienced a steep pullback after rallying exponentially. The correction seems to be over but might extend to the immediate support barrier. Regardless of a steeper retracement, ETC looks bullish.

Ethereum Classic price to retrace before taking off

Ethereum Classic price rose nearly 95% after a 38% downswing between June 21 and June 22. The resulting upswing pushed ETC from $32.05 to $62.55. However, ETC experienced a 19% downswing after a massive rally, which plateaued at the $50.44 support level. After a brief consolidation here, Ethereum Classic price has climbed 5%, but this move could be a temporary uptrend, which could revert and tag the 50% Fibonacci retracement level at $47.38.

An upswing that stems here could hold the potential to rally 20% and tag the supply level at $57.57. If the bid orders continue to pile up following the breach of the said ceiling, ETC might continue its ascent and retest the range high at $62.55.

ETC/USDT 4-hour chart

ETC/USDT 4-hour chart

On the other hand, a breakdown of the 50% Fibonacci retracement level at $47.38 will signal that the sellers are fighting back. But a decisive 4-hour candlestick close below the subsequent demand barrier at $46.85 will push Ethereum Classic price in a ‘discount zone,’ relative to the mid-way point of the range.

Although unlikely, a clear invalidation of the upswing will occur beyond the 79% Fibonacci retracement level at $38.58.

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.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price not out of the woods as sidelined investors remain fearful

Bitcoin (BTC) price is still not yet set for a rebound as bears can trip bulls and push the price back below the pivotal level at $36,709. As markets are trying to catch a breather, it does not look like bears will be going away that easily and could pressure BTC price action to the downside. 

More Bitcoin News

Ethereum price at risk of slipping below $2,000

Ethereum (ETH) price action looked to be starting a rebound yesterday as bulls came in late in the US session and pushed price action back above the monthly S2 support level around $2,378. During the ASIA PAC session, however, almost half of the bull pop got erased, and bears are back, putting pressure on S2 to the downside. 

More Ethereum News

Solana beats all other blockchains despite degraded performance, says FTX Sam Bankman-Fried

The Solana network suffered an outage several times over the past two weeks. Users complained about failed transfers, and the Ethereum-killer revealed that DeFi investors drove a spike in complex transactions. 

More Solana News

Crypto.com CEO Kris Marszalek predicts higher institutional investment in crypto

Crypto.com CEO believes that institutional investment in crypto could continue rising in 2022. Analysts have noted that the native token of the Crypto.com exchange did not get negatively impacted after the recent security incident. 

More Crypto.com News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP