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Analysis

Ethereum Classic price prediction – Assessing the odds of ETC hitting $20 again

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It’s not been a good few months for ETC holders and investors.

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Ethereum Classic price prediction - Assessing the odds of ETC hitting $20 again
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  • Market structure flashed hopeful signs, but the longer-term trend was unfavorable for buyers
  • Short-term sentiment was bearish and spot buyers were weakened too

Ethereum Classic [ETC] managed to climb past the $20-level on Friday, 23 August. There were bullish expectations for the token, but Bitcoin’s [BTC] correction below $60k saw a market-wide sentiment shift.

Ethereum Classic may have bullish hopes provided it can defend the $18.3 and $17.68 support levels that are close by. In fact, a volume indicator showed a surge in buying pressure. However, is that enough?

Bullish structure, bearish trend

Ethereum Classic 1-Day Chart

Source: ETC/USDT on TradingView

Ethereum Classic had a bullish market structure on the daily chart after breaking the recent lower high at $20.07. At press time, the higher low at $18.3 was not broken yet. However, since May, the trend has been bearish.

The moving averages indicated the same thing. They had not yet formed a bullish crossover to indicate an uptrend. Additionally, Ethereum Classic faced rejection from the 50-day moving average a week ago.

The CMF was at +0.09 to indicate sizeable capital inflows, but the token was trading beneath its 20-period SMA. Bulls need to be careful of another bearish move and could opt to wait for clearer conditions instead.

Short-term outlook not favorable for ETC bulls

Ethereum Classic Coinalyze

Source: Coinalyze

Over the past three days, Ethereum Classic has struggled to breach the $19 level and has crept closer towards $18 instead. This saw the Open Interest drop from $71 million to $65 million, outlining bearish sentiment.

Read Ethereum Classic’s [ETC] Price Prediction 2024-25

The funding rate had been slightly bearish during this time, reinforcing the bearish expectations in the Futures market. The spot traders were not keen on buying ETC either, and the spot CVD has trended south since.

Overall, the trend of the next few days is likely to be sideways or downwards.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

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Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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