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.
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.