ETC Price Prediction: Can Ethereum Classic Break $18 Resistance?
Key Insights:
- Ethereum Classic struggles below $18 resistance, with consolidation and uncertainty ahead.
- A breakout above $18 could trigger upward momentum toward $20.
- Low volume and bearish indicators suggest further downside without a breakout.
On 4-hour charts, the Fetch.ai price has dropped beneath its 100 EMA at $0.533 and 50 EMA at $0.540. The market shows strong bearish tendencies when prices decrease as buyers lead the direction.
The price remains below the two moving averages in this state of movement. This indicates seller dominance, challenging upward price movement until traders accumulate strong buying power.
A bearish trend stance becomes more evident because the 50 EMA currently stays below the 100 EMA. The current Fetch.ai price averaging trends indicate that the market will experience several months of downward activity.
A rising pivot above the 50 EMA indicates recovery signals while demonstrating a potential momentum increase. However, such an event serves as an early sign of upward momentum.
Analyst Insights: Ethereum Classic’s Struggle at $18 Resistance
Expert analysis shows Ethereum Classic operating within apparent trading confines between $16.50 and $18. Ethereum Classic has encountered major resistance at its $18 threshold.
Yet, multiple price recursive attempts have not succeeded in a break above this level. Market participants keep the price below the resistance level. At the same time, they watch for breaking through or breaking down from this region.
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— Johnny (@CryptoGodJohn) February 4, 2023
Based on the ETC price prediction analysis presented by the expert, Ethereum Classic remains undecided. However, the token is awaiting major volume-based movements above $18.
This is because it faces potential downward price trends. When the network tries to break resistance at $18, the token’s price could fall below $16.50.
Ethereum Classic Forms a Range Below Key Resistance
Ethereum Classic price remained neutral within a $16.50 to $18 range during its 4-hour analysis period. The token struggled to stay above $18.
This is while the consolidation pattern demonstrates the chance of either a point where it breaks upward or breaks downward.
The price action remains confined within the range boundaries of the chart. Red bars on the Awesome Oscillator indicate that sellers currently dominate the market.
The current AO value beneath zero shows bearish momentum controls the market. A positive AO reading is necessary for the odds of an upward price swing to become probable.
A Potential Breakout Above $18
The expert says the token will initiate its essential movement when prices surpass $18. An analyst’s ETC price prediction highlighted an ascending triangle pattern formation.
This trading setup suggests the possibility of upward price movement for the token. Given the current market volumes and conditions, Ethereum Classic is poised for potential growth.
Analysts suggest it could target prices between $19 and $20, provided it breaks through the $18 resistance level. Once the price chart breaks through the $18 resistance barrier, it shows possible expansion.
The ascending triangle apex poses an opportunity for a breakout that would trigger, provided volume rises. The current chart formation supports the ETC price prediction, suggesting a potential price increase.
This upward movement will likely happen once Ethereum Classic surpasses its resistance level. The volume chart shows an observable split.
The present volume metrics show less activity than at the start of March. This suggests that traders remain hesitant about Ethereum Classic’s market movement.
A notable shift in trading volume is essential to confirm an upward breakout beyond the $18 resistance. Similarly, this change is necessary to validate a downward breakdown below established support levels.
Given the minimal trading volume, market conditions appear uncertain for Ethereum Classic. This is because traders need strong prompts to break out of the established price range.
Additional market users might provide enough momentum to drive ETC beyond $18 or push prices through significant support levels.
Ethereum Classic’s Price Potential: Can it Break $18?
Ethereum Classic struggles to overcome the powerful resistance level at $18. Volatility above the existing resistance point at $18 would create the potential for an upward trend.
The trend would reach $19 and higher levels. Ethereum Classic price didn’t break through the resistance barrier, and it remains between the defined limits of its consolidation range.
A price breakthrough above $18 would fail to occur. This leads to a continuation of price decrease with support checks at $16.50 and potentially $15. Moving forward, Ethereum Classic relies mainly on achieving volume and momentum from exchanges.
When it surmounts the $18 resistance level, Ethereum Classic will gain momentum and increase in value. Even so, the market may continue falling unless investors demonstrate strong confidence.
