Ethereum Classic Price Prediction: A market bounce could be near

Ethereum Classic Price Prediction A market bounce could be near

In Short

  • Ethereum Classic price has been down 32% since September 6th.
  • ETC price tagged a significant level on the Relative Strength Index.
  • A shallow triangle could occur targeting a high at $40.

Ethereum Classic price is down but the bears might let up. Traders should keep the ETC token on their radar in the coming days.

Ethereum Classic price shows potential

Ethereum Classic price recent $300 rally in the summer have all traders taking the O.G. ETH killer very seriously. Since September 6, the Ethereum Classic price has lost 32% of its market value. Still, compared to the previous 3x rally, the downtrend could be reversed at any time.

Ethereum Classic price currently auctions at $27.90. The Relative Strength Index shows the E ETH price tagging a definitive line in the sand on the 2-day chart. If an additional bull run occurs, the market bottom should be near the current price levels. If not, a further decline targeting the previous congestion zone at $23 is likely to happen. 

ETC USDT 2-Day Chart
ETC USDT 2-Day Chart

The price action leans to the bullish side as the bulls own the largest candle sticks within the previous uptrend and current sell-off. Additionally, the volume during the selloff is still relatively less than the influx volume witnessed during the summer rally.  

When put together, the Ethereum Classic price should get one more pump eventually. A Conservative target at $40.00 could occur as a triangle as wave 4. This idea is contingent upon the low at $27. remaining as support. If the bears break the low, the next stop would be the $23 zone resulting in a 20% decline from the current market value.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.