Ethereum Classic Price Forecast: ETC readies itself for another 24% advance

Ethereum Classic is currently eyeing a quick 24% bounce from the 100 four-hour SMA at $90.07.
Adding credence to this bullish outlook is the immediate demand zone extending from $86.26 to $96.
A breakdown of the 200 four-hour SMA at $61.52 will invalidate this upswing narrative.

Ethereum Classic price is currently in a downtrend but shows potential for a quick bull rally. ETC needs to bounce out of the immediate demand zone to set up another lower high.

Ethereum Classic continues to descend

Ethereum Classic shows the formation of lower highs and lower lows since May 6. This downward move accelerated on May 12 as ETC slid nearly 28% in a single day. Ethereum Classic price is currently trading inside the immediate demand zone, stretching from $86.26 to $96. Considering the overextended state of the cryptocurrency market, a minor upswing in ETC seems likely.

Therefore, investors can expect another swing high at $109.91, roughly 24% from the current price level. In some instances, Ethereum Classic price could retest the recent local top at $114.49.

Market participants should note that this bullish thesis depends on buyers being able to fish out ETC from the demand zone after a bounce from the 100 four-hour Simple Moving Average (SMA) at $90.07. Failing to do so could result in a downswing to the next support area that runs from $72.31 to $78.96.

While this move would not invalidate the optimistic outlook, it could provide buyers another opportunity to set up yet another lower high at the levels mentioned above.

ETC/USDT 4-hour chart

Although the downswing is apparent, a sudden spike in selling pressure that pushes Ethereum Classic price to shatter the support area’s lower bounds at $72.31 will jeopardize the upswing narrative. Such a move would expedite the bearish descent.

However, a decisive 4-hour candlestick close below the 200 four-hour SMA at $61.52 will invalidate the uptrend. In such a case, ETC might slide 10% to tag a support barrier at $55.17.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram