Ethereum Classic Price Prediction: A plummet in process
|- Ethereum Classic price witnessed a 100% rally in one week.
- ETC price shows prevalent volume within the current consolidation and bearish divergence on the Relative Strength Index.
- Invalidation of the downtrend scenario is a breach above $28.19.
Ethereum Classic price has wiggle room to fall. A retracement towards $18 is within reach.
Ethereum Classic price reroutes south
Ethereum Classic price showed an impressive 100% rally since July 13 into the newly marked highs at $28.19. A volume profile indicator shows significant bearish presence near the congestion zone which led to the final 20% increase during the recent bullrun.
Ethereum Classic price currently trades at $23.95 as the bears have established control over price action on the 8-hour chart. The recent breach below the $24 level may be a favorable entry and catalyst to induce a 20% decline towards $19. The Relative Strength Index confounds the bearish idea as divergence was witnessed between the highs established on July 21 and July 22 on the 8-hour chart.
ETCUSDT 4-Hour Chart
Invalidation of the bearish thesis is a breach above the swing high at $28.19. If the bulls can hurdle this barrier, they should be able to target $30, resulting in a 28% increase from the current Ethereum price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of inerest in the market. -FXStreet Team
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.