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Ethereum Classic Price Prediction: Scalpers aim lower, is the downtrend inevitable?

  • Ethereum Classic price has dropped 3% on the day.
  • Bears are setting up for a move toward $20.
  • Invalidation of the bearish thesis would come from a break above $22.50.

Ethereum Classic price has caught a taste of bearish momentum in the market, potentially leading to a downswing.  Still, the macro should be held in the back of traders' mind while they consider joining the bears.

Ethereum Classic shows room for a pullback

Ethereum Classic price is catching wind of a down storm as bears have produced a 3% decline on the day.  At the time of writing, ETC is one hour away from producing a candlestick close beneath the 21-ay simple moving average at $22.15. If the bears succeed in producing the daily candlestick close beneath the barrier, the Ethereum Classic price would likely retest the $20.00 zone for the fourth time this winter. 

Ethereum Classic price currently trades at $21.90. Still, the overall uptrend that is up 46% since January 1 has not produced a lower low, which would justifying calling an an early end to the winter rally. Thus, traders should continue to play the market for small short-term scalps while managing risk effectively.

A conservative bearish target in light of the technicals shows a potential to retest the $20 zone, creating room for a 9% downswing from ETC’s current market value.

ETC/USDT 1-Day Chart

Invalidation of the bearish thesis would come from a break above $22.50. If the breach occurs, traders can expect the winter uptrend to continue as bulls have liquidity levels near $26 that remain untagged from the 2022 Autumn sell-off.

 

 

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