Why traders should keep a close eye on the Ethereum Classic price
- Ethereum Classic price is coming into supportive grounds on the Relative Strength Index.
- The Volume Profile indicator is still leaning bullish, although recent signals warrant caution.
- A rally towards $40 could occur once again, resulting in a 30% increase in market value.
Ethereum Classic price heads souuth
Ethereum Classic price is one everyday traders’ immediate radar as the potential for another countertrend rally lingers amidst the current selloff. Since September 6, the Ethereum Classic price has lost 30% of its market value. The bears have increasingly steepened the decline as the days have progressed.
Ethereum Classic price currently auctions at $29. The Relative Strength Index shows the ETC price coming into a crucial barrier on the 2-day chart. However, there are no divergences as of yet. The potential for a signal to show up remains and should prompt traders to stay alert during the remainder of September.
ETC USDT 2-Day Chart
The Volume Pprofile indicator still shows the bulls have the power as there has not been a bearish influx of equal volume to match the summertime bull run. Additionally, the price action still shows the July 16, July 18, and July 267 candles as the largest candle sticks at the current time.
Combining these factors, the Ethereum Classic price should get one more pump eventually. A rallypullback towards $40.00 could occur, providing that the current low at $27.41 remains intact. If the bears break the low, a further 20% decline, targeting the previous congestion zone at $23, is likely to occur.
In the following video, our analysts deep dive into Ripple's price action, analysing key market interest levels. -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.
