Ethereum Classic Price Prediction: 2024, 2025, 2030

ETC price prediction: Key highlights

1. Primary support and resistance levels

• The weekly chart's analysis pointed to $14 as the lowest support, while the highest resistance will likely be placed at $52.

2. Market sentiment

• In May 2024, the ETC market sentiment is neutral to bearish.

3. Predictive forecasts

• Our AI/ML predictive models project an average price of over $900 by 2028. By 2032, ETC can attain an average price of nearly $17,000.

Given below is an extensive weekly technical analysis of ETC, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models: 

ETC technical analysis: Will lower rewards drive rallies or losses?

The current crypto market appears to be quite tumultuous, which has significantly impacted ETC’s growth. However, it's important to consider past trends to get a more nuanced view of Ethereum Classic price prediction in 2024.

Throughout 2023, trading behavior was largely dominated by bearish trends. May saw the asset sustaining a descending trajectory. The downward pressure culminated in the price reaching the lowest support level for the year at $14 in the subsequent month.
 

A brief rally was observed in mid-June, culminating in a test of $22 by the end of the month. However, this resurgence was short-lived. A series of declines saw the price revert to its lowest support level by mid-August. 

In mid-October, a pivotal moment arrived when bulls leveraged this support level to initiate another rally. This bullish momentum carried the price to re-test the $22 resistance level between December and early January. 

Unlike previous attempts, this was a turning point. A significant surge in January propelled the price beyond this resistance. This breakthrough indicated a potential shift in market sentiment fueled by the hype around the approval of Bitcoin (BTC) exchange-traded funds (ETFs).

Despite a slight retracement below $25 in mid-January, positive momentum resumed towards the month's end. Riding on this momentum, a price pump close to the end of February elevated ETC to a high resistance established at $34.

As March rolled in, the asset surged above the peak chart resistance. Nonetheless, this led to a pullback due to the market’s overextended status. The bulls managed to hold $30 as a cushion to rally toward $34 again by the end of the month.
 

Nevertheless, the price faced rejection by April. A substantial drop pushed ETC below $30, erasing its gains. This was caused by the broader downturn in the crypto market, driven by increased geopolitical tensions and economic instability.
 

For now, the bulls have managed to halt further declines at $25 support, with ETC exchanging hands at $26. The former support presented a critical juncture, as the price’s brush-up with it fueled a selling sentiment in the market.
 

The market’s future direction now hinges on how the price performs surrounding this support. If the bulls fail to defend this level, the price can potentially tumble to $22. This scenario would mark a definitive downtrend, leading ETC as low as $18.

Notably, the asset is set to undergo a block reduction event towards the end of May. Originally set at 4 ETC per block, the reward decreases by 20% about every two years or 5,000,000 blocks. This is designed to gradually slow down the issuance of new ETC coins. 
 

Currently, the block reward is 2.56 ETC. After the next reduction, it will decrease to 2.048 ETC. The most recent reduction event happened on April 25, 2022, and the next one will be the fourth such event in Ethereum Classic's history.

This event can trigger a renewed bull run that can lead ETC to retrace its northbound journey. If the bulls stabilize over the peak resistance, it can pave the way for more gains. This outlook hints at ETC possibly reaching as high as $46. Further upside may drive it to reach $60 within the year. Before that happens, the coin can likely face significant resistance at $52.

Looking ahead, the predictive models forecast that ETC could achieve an average trading price of more than $900 by 2028. This price point is particularly noteworthy as it would not only bring it closer to the critical $1,000 mark but also bring it to reach a value nearly five times its all-time high (ATH). Moreover, by 2032, ETC could trade at an average price close to $17,000. This suggests continued growth for the asset.

ETC's 2024 roadmap: Key indicators to watch and trade

• The Relative Strength Index (RSI) remained below the 50 level for the majority of 2023, with the exception of a brief interval at the end of June. The indicator decisively broke above 50 at the end of October. The continued ascent led it into the overbought territory towards the end of February.
• After a peak of 76.60, the RSI dropped to 49.41 at the time of writing. This suggested that the asset was transitioning towards a more balanced state between gains and losses or possibly hinting at a shift back to bearish momentum if it continues to decline.
• The trading volume started out low. However, it started to pick up pace from October, corresponding with a recovery in price. It surged exponentially with the price pumps, with drops noted as the price faced rejection. Since April, investor participation has dampened but not to levels as low as those seen initially.
• The 20-week (blue) and 50-week (yellow) Exponential Moving Averages (EMAs) consistently served as significant resistance levels for the price, with the 50 EMA proving to be the stronger barrier.
• The price intermittently surpassed the 20 EMA between late June and the onset of July but did not maintain momentum until after October, when it consistently stayed above it.
• In December, the price managed to move above the 50 EMA, and by mid-January, a golden cross formed. Yet, the recent price drop led the candles to cross below the 20 EMA. This indicated a short-term bearish reversal or correction.