Ethereum Classic Price Prediction: Will ETC Rally or Correction Continue?
Key Insights:
- Ethereum Classic price prediction suggests that the native token ETC could only soar if it closes a daily candle above $22.
- Following the breakout of a prolonged descending trendline, the ETC upside rally has begun but is currently facing a hurdle at $21.90.
- Exchanges have continued to witness an outflow of ETC tokens over the past five trading days, indicating potential accumulation amid price consolidation.
Amid the ongoing market correction, an Ethereum Classic price prediction seems to be a must-have topic to determine the asset’s upcoming moves. The daily chart reveals that ETC, the native token of Ethereum Classic, recently registered a 30% upside move and has since been consolidating within a tight range near a key resistance level.
Current Price Momentum
At press time, ETC was trading near $19.78 and had recorded a price decline of over 2.71% in the past 24 hours. Despite the drop in price, participation from traders and investors has soared, resulting in an 18% jump in trading volume, as revealed by CoinMarketCap data.
This surge in trading volume during a period of downward price momentum indicates strength in the bearish trend and could push ETC even lower in the coming days.
Ethereum Classic (ETC) Price Prediction and Technical Analysis
According to expert technical analysis, the Ethereum Classic price prediction appears bullish, and it could soon witness an upside rally. As per the daily chart, ETC has been consolidating in a tight range between $19.10 and $20.98 for the past four days. Meanwhile, the rally will only begin once ETC breaks out of this zone.
Ethereum Classic Price Prediction
Based on recent price action and historical patterns, if sentiment shifts and ETC rallies to break the upper boundary of consolidation at $20.98, the Ethereum Classic price prediction could turn bullish, and the price may see an upside rally of 17% until it reaches the $24.70 level in the coming days.
On the other hand, if sentiment shifts and the price moves in a downward direction, breaching the lower boundary at $19.10, the Ethereum Classic price prediction could turn bearish, with a strong possibility of a price crash at that point.
With the ongoing price consolidation, ETC’s Relative Strength Index (RSI) is below the overbought zone and currently stands at 64, indicating that the asset has enough room to continue its upside momentum without a pullback or correction.
Bullish On-Chain Metric
Amid the ongoing price consolidation, traders and investors have been accumulating and strongly betting on the bullish side, as reported by the on-chain analytics firm Coinglass.
$1.30 Million Worth of ETC Outflow
Data from spot inflow/outflow reveals that exchanges across the crypto landscape have been consistently witnessing ETC outflows, indicating potential accumulation by long-term holders and investors who appear to be seizing the opportunity presented by consolidation.
The data shows that exchanges have seen over $1.30 million worth of ETC outflow in the past 48 hours. Such outflows under the current market conditions indicate potential accumulation, which can create buying pressure and further fuel an upside rally.
$1.90 Million Worth of Bullish Bets
Meanwhile, traders are strongly capitalizing on the ongoing consolidation and are overleveraged at $19.43 on the lower side and $20.24 on the upper side. These lower and upper levels represent local support and resistance established by traders, where they have built $1.90 million worth of long positions and $864k worth of short positions.
When combining these on-chain metrics, it appears that bulls are currently dominating despite the price moving sideways. If this remains unchanged, there is a strong possibility that ETC could see an impressive upside rally in the coming days.
