For those who trade, Ethereum Classic ETC is a frustrating beast. Its tight range may keep you up at night, but it’ll be worth the wait for an investor looking to find stability in their investment portfolio as price forms one of the most substantial supports around.
The indicator for a bullish breakout is now in effect. With the development of new support levels and conditions within Ichimoku, we can expect an impending uptrend.
ETC Price Analysis
ETC Price has been on a steady rise this week, with 6.72% growth over the last 24 hours and currently trading at $55.88 as of writing. The support level is registered around 45 dollars while overhead resistance hovers about 60+.
There is a good chance that the RSI will reach 70, which means we may be seeing a trend reversal. In the event of a close at or above $62, Ethereum Classic’s new expansion phase will likely occur. A return to values near 100 USD is highly possible in this case.
It’s not clear whether or not Ethereum Classic will continue its recent drop. At the moment, bulls are still in control, but any sell-side pressure could invalidate that bias quickly and send this crypto into decline once again.
Ethereum Classic (ETC) Price Prediction
A close look at the daily chart shows that Ethereum Classic has been capped by 50-100 day moving averages between $55.29 and 55.50 USD for most of this year, posing a considerable obstacle for bulls to break through with resistance coming up.
Ethereum Classic has been on a downtrend for quite some time now. Still, it stays below $55.28 (the trend support level) and clears the moving averages with enough bullish momentum. Then I believe that ETC will rise towards its resistance at 73 dollars or even surpass this mark if trading conditions continue as they do now.
The MACD and RSI both have neutral readings, indicating that it’s too early to predict if this stock will rise or fall in value. Trading volume is light as well, which suggests there isn’t much investor interest at the moment.
For now, the Ethereum Classic price will continue in its sideways trading range. The outlook for this currency is neutral, with prices expected to be at around $47-$55 over time-but don’t count out any potential upsets.