Ethereum Classic Price: Is ETC Price Preparing For Golden Crossover?

• Ethereum classic price prediction suggests a rise and preparation for the golden crossover.
• ETC price sustained above 50 day EMA and attempted to break the 200 day EMA.
• Ethereum classic price is stuck in a narrow range and formed base.

Ethereum classic price prediction suggests a rise in the long term and upward range expansion is possible. ETC price is on the way to form a bullish continuation pattern but confirmation will come when it breaks the $22.00 hurdle. 

Ethereum classic price sustained above the 50 day EMA showcase and short term trend is working in the favor of bulls. However, the price is still below the 200 day EMA which is acting as a strong hurdle for the bullish traders. The trading volume in Ethereum classic crypto is also on rise, with active participation from the whales and retail segment. 

Ethereum classic price is trading at $20.93 with an intraday decline of -2.56% and 24 hour volume to market cap ratio is at 0.1016. The ETC/BTC pair is trading at 0.000705 with an -0.98. However, Ethereum classic price in BTC pair is trading below the 50 and 200 day EMA shows downtrend and low correlation with USDT. 

At the beginning of March, ETC price dropped below the 50 day EMA and broke the lower range support of $20.00. It disturbed the investors’ sentiment and prices began to decline by forming lower low candles. In mid-March, the overall market sentiment improved which positively impacted the majority of altcoins, with ETC being one of them.

Will Ethereum Classic Price Reach the $25 Mark?

Ethereum classic price hit a low at $ 16.00 and formed a bullish hammer candle from the demand zone. Later, ETC price took a u-turn and showed a surprising rally from the lower levels. It indicates that responsive buyers are active at the demand zone and any short term correction will have a high probability of bouncing back. 

Presently, ETC price seems to be getting stuck into the narrow range of consolidation and is likely to break either side soon. If the overall market sentiment remains bullish, the probability of upside range expansion will increase substantially. Technical analysis suggests if Ethereum classic price breaks the 200 day EMA, then it may begin the rally to reach the $25.00 mark. 

ETC Price Downside Seems Limited

ETC price consolidating for quite some time indicates the signs of base formation and downside seems to be limited. However, if the Ethereum classic price took the opposite direction and dropped below $16.00, then it will create trouble for the bullish traders. Bears may try to drag the price toward yearly lows. Technical indicators like MACD had generated a positive crossover indicating mild bullishness. The RSI at 56 sloping upward denotes the bulls’ strength and more room for upside is open. 

Conclusion

Ethereum classic price prediction favors the bulls and suggests a rise in the coming months. The ETC price will gain momentum when buyers successfully climb above the 200 day EMA. It will also increase the probability of a golden crossover. Till then, prices are expected to consolidate for some more time.

Technical levels

Resistance levels : $24.00 and $30.00

Support levels : $18.00 and $16.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.