• Ethereum Classic price has been consolidating between the $30 to $45 range for more than two months.
  • A minor rally to retest the $32.15 hurdle seems plausible, but a move beyond seems unlikely.
  • A flip of the $32.15 barrier will invalidate the bearish thesis and result in a potential jump to to $39.

Ethereum Classic price has seen a massive rejection at crucial points, leading to a steep correction. The recent breakdown of another stable support indicates that a further downswing seems likely. 

Ethereum Classic price ready for another collapse

Ethereum Classic price is currently hovering below $29.40, which is the midpoint of the $13.33 to $45.47 range. This development for ETC comes after a 41% sell-off between August 13 and September 21, which has pushed the altcoin from $45.82 to a swing low of $26.73.

Now, Ethereum Classic price faces a decision as it tags the $29.40 barrier, flip it and attempt another leg-up or face rejection and drop lower. From a price action standpoint, ETC could dip a little lower before heading into the oversold territory.

However, this downtrend will arrive after a minor run-up to retest the $32.15 hurdle. Failure to overcome this hurdle could result in a sell-off to $25.54, which is the 62% Fibonacci retracement level or the 76.4% variant at $22.81. 

This move would constitute a 30% downswing and is likely where the downside is capped for Ethereum Classic price in the short term.

ETC/USDT 1-day chart

ETC/USDT 1-day chart

On the other hand, if Ethereum Classic price fails to sustain its bearish pressure, it could result in a bullish takeover. If ETC produces a daily candlestick close above $32.15, it will invalidate the bearish thesis and potentially kick-start a run-up to $39.02.

Note:

The video attached below talks about Bitcoin price and its potential outlook, which could influence Ethereum Classic price.

 


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.

Recommended content


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP