- Ethereum Classic price continues to display strength in the market based on volume.
- ETC has failed previously despite showing similar bullish technicals.
- Invalidation of the uptrend is dependent on $13 holding as support.
Ethereum Classic price is conflicting
Ethereum Classic price rallied 100% between July 12 and July 24 before a short consolidation unfolded. After a few shallow days of sideways congestion, the Ethereum Classic price kicked off another 90% rally.
Ethereum Classic price tends to consolidate under low volume propelling higher. The Relative Strength Index shows a bearish divergence between highs established in March 2022 at $48 and the recent August highs near $39. During March, the Volume Profile indicator displayed a classical uptick in volume just like it is currently displaying. Still, ultimately the bulls lost momentum and a sweep-the-lows event occurred days after.
Ethereum Classic price currently auctions at $36.81. Although short-term bullish targets reside at $48, $50 and $60, investors should be aware of the history of Ethereum Classic price as it tends to diverge from classical style price action methods. A sweep-the-lows event will remain on the cards until the RSI finds balance and reconquers oversold territory.
ETC/USDT 3-Day Chart
Thus, it is best to think of the Ethereum Classic price as a short-term liquid asset instead of a coin to faithfully hodl. Early evidence of a sweep-the-lows event targeting will be a breach of $18.90. If the bulls lose ground at this level, $13 and potentially $8 will be on the cards, resulting in up to a 75% decrease from the current Ethereum Classic price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest 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. 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
Editors’ Picks
Bitcoin Price Forecast: BTC misses Santa rally even as on-chain metrics show signs of price recovery
Bitcoin (BTC) price hovers around $97,000 on Friday, erasing most of the gains from earlier this week, as the largest cryptocurrency missed the so-called Santa Claus rally, the increase in prices prior to and immediately following Christmas Day.
$18 billion in Bitcoin and Ethereum options expire today: Market braces for big moves
A record-breaking $18 billion in Bitcoin and Ethereum options expire today, sparking anticipation of sharp market moves and potential volatility.
Crypto.com launches US trust company for digital asset custody
Crypto.com launches a US trust company to offer digital asset custody services, marking a major step in its North American expansion strategy.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
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.
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.