Ethereum Classic Price Prediction: Has the FOMO rally topped?
- Ethereum Classic consolidates within a weekly demand zone.
- ETC price replicates a forecasted fractal wave from previous outlooks.
- A breach of $36 could promote a free-fall decline targeting $22.
Ethereum Classic price may be demonstrating a topping pattern based on technical indicators and fractal wave theory.
Ethereum Classic price follows suit
Ethereum Classic price currently consolidates near a weekly zone as the sellers appear to have faded away on the Volume Profile indicator. A significant bearish divergence accompanies the new weekly high at $45.71 on the Relative Strength Index.
Ethereum Classic price currently trades at $40.93. Earlier this month, a fractal wave from a previous Ethereum Classic bullrun was utilized to forecast how an additional wave up could look following ETC’s 200% rally since June. Currently, the Ethereum Classic price is following the fractal as the profit-taking consolidation could be early evidence of a topping pattern formation.
ETC/USDT 1-Day Chart
If the technicals are correct, the $36 supportive barrier breach could be the sell signal bears are looking for. Bearish targets lie at $28 and $22, resulting in a 47% decline from the current Ethereum Classic price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Author
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.
