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Ethereum Classic Price Prediction: A plummet in process

Analytics

www.fxstreet.com 26 July 2022 00:01, UTC
  
Reading time: ~2 m

  • Ethereum Classic price witnessed a 100% rally in one week.
  • ETC price shows prevalent volume within the current consolidation and bearish divergence on the Relative Strength Index.
  • Invalidation of the downtrend scenario is a breach above $28.19.

Ethereum Classic price has wiggle room to fall. A retracement towards $18 is within reach.

Ethereum Classic price reroutes south

Ethereum Classic price showed an impressive 100% rally since July 13 into the newly marked highs at $28.19. A volume profile indicator shows significant bearish presence near the congestion zone which led to the final 20% increase during the recent bullrun. 

Ethereum Classic price currently trades at $23.95 as the bears have established control over price action on the 8-hour chart. The recent breach below the $24 level may be a favorable entry and catalyst to induce a 20% decline towards $19. The Relative Strength Index confounds the bearish idea as divergence was witnessed between the highs established on July 21 and July 22 on the 8-hour chart.

tm/etc/7/25/22

ETCUSDT 4-Hour Chart

Invalidation of the bearish thesis is a breach above the swing high at $28.19. If the bulls can hurdle this barrier, they should be able to target $30, resulting in a 28% increase from the current Ethereum price. 

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of inerest in the market. 


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