|

Ethereum Classic Price Prediction: Is this the pullback we’ve been waiting for?

  • Ethereum Classic falls in free-fall fashion after landing in a weekly congestion zone.
  • ETC price has printed three clear impulse waves up.
  • Invalidation of the bullish outlook is a breach below $13.28. 

Ethereum classic price has more upside potential but finding an entry point will be challenging.

Ethereum Classic price is a dangeous knife

Ethereum Classic price currently trades at $33.88 as the bears take full advantage of the profit-taking consolidation near the $40 congestion zone. Last week, an inaccurate forecast was issued, which targeted the $19 zone. Now that the Ethereum price is reclining, traders are watching the digital asset closely, looking for a potential entry and additional target in the $42, $47 and $50 levels.

Ethereum Classic price has printed three clear impulse waves up, suggesting a more extensive bull run could be underway. Still, the pullback could fall as deep as the anticipated target mentioned in last week’s thesis at $19. Thus attempting to catch a knife is ill-advised. A more favorable low could be between $28 and $33, with the same targets mentioned above. 

tm/etc/8/1/22

ETC/USDT 1-Day Chart

A tighter invalidation point for possible bullish entry will be marked out as more technicals unfold during the week. The safest uptrend invalidation is currently the origin point of the rally at $13.28.

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.

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.

More from Tony M.
Share:

Editor's Picks

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP remain range-bound as breakdown risks rise

Bitcoin, Ethereum, and Ripple are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market. BTC rebounded from key support, and ETH is nearing the lower consolidation boundary.

Top Crypto Losers: Optimism, Helium and Arbitrum tumble amid volatile week

Optimism, Helium, and Arbitrum are leading losses over the last 24 hours, testing crucial support levels. Optimism remains under pressure as Coinbase’s Base chain pulls support from the Layer-2. 

CME Group to make crypto products available for 24/7 trading in May

The Chicago Mercantile Exchange (CME) Group has announced plans to extend trading hours for its regulated cryptocurrency futures and options to 24/7, starting May 29, pending regulatory approval.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: BTC bears aren’t done yet

Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.