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Ethereum Classic

Ethereum Classic Price Prediction: ETC hits a new all-time high, but what is the secret behind its recent surge?

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  • Ethereum Classic price prediction highlights ETC’s massive rally in the past few days.
  • At present, Ethereum Classic appears on course to safeguarding a slot at the top 10 most significant cryptocurrencies in the market.
  • In the last 7 days, Ethereum Classic has registered gains of more than 200 percent.

In the last 48-hours, Ethereum Classic has registered a new all-time high as it moved past the $175 mark to settle at around $197. On looking at its price movement in the last few days, Ethereum Classic appears to have outdone most of the top crypto coins. This bullish momentum has seen the crypto asset safeguard a spot for itself among the top 15 most significant cryptocurrencies in the market.

Ethereum Classic Price Prediction: General price overview

According to Ethereum Classic’s recent price movements, the crypto coin seems to be taking the term frenzy to a new level. Of late, the crypto coin has been registering historical gains never seen before in the crypto market. The Ethereum fork recently recorded about 300 percent gains, with more than 50 percent being recorded in the last 24-hours. However, the soaring gains are at risk as technical and sentimental indicators project a sharp price reversal in the coming days.

To put things into perspective, it is worth noting a few statistics regarding the coin’s performance at the time of reporting.

1. In the last 24-hours, Ethereum Classic has registered the second-largest gain at over 50 percent.

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2. In the past 3-days, the crypto token has registered an upsurge of over 150 percent.

3. Over the past 6-weeks, ETC has appreciated by over 1,100 percent.

4. On a monthly scale, Ethereum Classic has appreciated by over 280 percent.

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5. Over In the past 6-months, the crypto asset has appreciated by more than 2,000 percent.

The aforementioned above statistics are but a few of the milestones this crypto asset has achieved recently. For instance, its daily Relative Strength Index (RSI) recently hit the 94 mark, the highest recording since cryptocurrency came to existence.

Ethereum Classic price movement in the past 24 hours

Ethereum Classic Price Prediction: ETC hits a new all-time high, but what is the secret behind its recent surge? 1
Source: TradingView

According to the coin’s price movement in the past 24-hours, Ethereum Classic’s intra-day high was about 3 percent below the 360 Fibo extension level of the 2018 bear season. This is an optimal region for a price correction to occur.

At present, it is hard to predict supply due to the bearish outlook. However, investors should be on the lookout for the 38 percent Fibonacci retracement level at $103 to buy the crypto coin in case it plunges. A fall past the $103 region would upset the bullish outlook and open the door for further declines towards the 50 percent retracement level at the $85 region.

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Ethereum Classic 4-hour chart

Ethereum Classic Price Prediction: ETC hits a new all-time high, but what is the secret behind its recent surge? 2
Source: TradingView

Like the 24-hour price movement, the 4-hour chart paints a bearish picture for Ethereum Classic. However, further uptrends are expected once the crypto coin finds support.

Conclusion

Away from this, the question on everyone’s mind is why this crypto is recording such exorbitant gains? What could be the secret for a cryptocurrency trading at $35 in late April to $110 on 5 May? Well, the secret is the sudden market interest in Ethereum, ETC’s pricier sibling, and social media attention. At the moment, amateur investors are confusing Ethereum with Ethereum Classic hence the sudden uptrend. Others prefer the crypto coin due to its inexpensive cost compared to its costly sibling.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ethereum Classic

Sellers hold the aces in Ethereum Classic’s market, but it might not be game over

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There hasn’t been much interest from retail traders in Ethereum Classic’s market. As a result, low volatility has kept the price restricted within the channel of $53.8 and $60.6 over the past week and a half. However, ETC has been taking shape within a symmetrical triangle. It presented chances of an incoming price swing.

Considering the current market dynamics, sellers can be expected to tip the scales in their favor, but a bullish argument also seems justifiable. At the time of writing, ETC was valued at $57.7, down by a marginal 0.5% over the last 24 hours.

Ethereum Classic 4-hour Chart

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Source: ETC/USD, TradingView

A series of lower highs and higher lows gave rise to a symmetrical triangle on ETC’s 4-hour chart. The pattern was considered bearish in this situation since it took shape right after 7 September’s drawdown. Moreover, sellers would face the easier task of triggering a breakdown from this setup. The daily 20 and 50 Simple Moving Average lines ran bearish as momentum aided the bears.

If the price does break below the lower trendline, a 13% decline would be possible towards the $48-mark. A close under $53.5 would confirm such an outcome.

On the other hand, a few of ETC’s indicators seemed to disagree with such a prediction. If the triangle functions as a reversal pattern, ETC would eye a 7% hike to 8 August’s swing high of $63.4. A close above $59 on relatively stronger volumes would heighten the chances of a bullish prediction.

Reasoning 

A look at ETC’s On Balance Volume painted a rather concerning picture. Based on its recent trajectory, there has been a dearth of buying pressure in the market, with sellers maintaining an advantage. However, a few other indicators seemed to disagree.

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Higher lows were observed on the RSI after it recovered from an overbought reading 10 days ago. The index even managed to climb above 60 recently – A sign that the market was strengthening.

Such a trajectory was also seen on the MACD. The index climbed towards the half-line, although momentum was flat over the past few sessions.

Conclusion

As ETC oscillated within a symmetrical triangle, its indicators flashed mixed signals and a breakout in either direction can be expected at this point. Although chances of a downwards move seemed higher, a bullish outcome cannot be discounted.

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Traders should keep an eye on the aforementioned levels to get a better understanding of where ETC is heading.

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Ethereum Classic

Ethereum Classic Price Setup Looking Bearish, As Dragged Below Major DMA lines.

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tradingview

Ethereum classic price is struggling near its 50 and 100-day moving average line after a massive selloff from the higher side. The crypto asset at the monthly chart fails to hold its major DMA lines of 20, 50 and 100-Day lines, with a near-average volume line. Whereas the coin slipped below major DMA makes its short term trend bearish but still maintaining above 200-DAM lines.

If the coin manages to hold its 50 and 100-DMA lines with positive volume action, we can soon see a good recovery. Support on the lower side is $52.30 and $47.90, whereas resistance on the higher side is $61.20 and $69.90.

Ethereum classic price at the weekly chart is sideways

tradingview

Ethereum classic price at the weekly chart is sideways, whereas the technical parameters also project mixed signals. The coin is continuously taking support of the lower support zone, and if the coin manages to hold, we can witness intense buying action. The technical parameters are also favouring sideways motion at the 4-hour time frame with average volume action. Presently, the Ethereum Classic is trading at $57.02 with a flat intraday action of -6.02%, and the volume to market cap ratio is at 0.162 

Relative Strength Index (NEUTRAL): Etherum classic price RSI presently indicates a sideways trend after consolidation over the weekly chart. In contrast, the RSI trades at the neutral zone near the oversold area and now CMP at 36. 

Moving Average Convergence Divergence (MIXED): The daily chart indicates a mixed trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) and the seller’s line (red) overlaps.   

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Support levels: $52.30 and $47.90

Resistance levels:$61.20 and $69.90.

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Ethereum Classic

Ethereum Classic, Solana, Binance Coin Price Analysis: 05 September

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As Bitcoin and Ethereum have consistently remained choppy over the past few days, mixed trading patterns were spotted on certain altcoin movements. A wide number of altcoins were in price consolidation.

Ethereum Classic was trading close to the support level of $67.36,while Binance Coin’s resistance stood at $517.20. Solana, over the last 24 hours, lost momentum and fell by 4.7%. 

Ethereum Classic (ETC)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

ETC/USD, TradingView


Ethereum Classic was in a state of consolidation over the past day. It was trading at $68.60 after noting a decline of 0.6%. At the current level ETC stands notches below its weekly high. The immediate support lay at $67.36 and continued downward movement would drag ETC to $58.09, which is the lowest that Ethereum has traded in about a month. 

Technical charts indicated bearishness in the market. MACD noticed red bars on its histogram, after a bearish crossover. Chaikin Money Flow stood below the half-line for the first time this month, indicating a considerable drop in capital inflows.

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Awesome Oscillator flashed red signal bars affirming the same. In the event of Ethereum Classic breaking consolidation on the upside, it might revisit $75.04. 

In latest news, Ethereum Classic was afflicted by the Geth exploit due to which Ethereum too had suffered a week ago. 

Solana (SOL)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

SOL/USD, TradingView

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Solana declined by 4.7% on its chart over the last 24 hours and was priced at $139.30. The altcoin which secured a fresh all-time high yesterday was seen moving closer to the support line of $125.95. A dip below $125.95 could cause SOL to trade at $99.92, a level the altcoin last touched a week back. 

MACD displayed red bars on its histograms. Awesome Oscillator also noted red signal bars indicating a bearish price move in the market.

Relative Strength Index, however, still remained bullish at 60. An upturn in prices could propel SOL to retest its immediate resistance of $144.54 and then $158.40. 

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As Solana secured a fresh all-time high yesterday, it surpassed Dogecoin’s market capitalization, and stood at the number 7 position on CoinGecko. 

Binance Coin (BNB)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

BNB/USD, TradingView


Binance Coin also recorded a range-bound price movement and rose minorly on its chart. The altcoin was trading at $491.99. Its overhead resistance lay at $517.20. Bollinger Bands remained constricted indicating consolidated price action. The anticipated price range for BNB would be $491.99 and $460.42. 

Green bars on the MACD histogram receded over the past trading sessions. Relative Strength was also nearing the half-line, although, at the time of writing it stood above the 50-mark. 

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In the event of Binance Coin dipping, its first support level stood at $460.42, which also marks its two-week low price. Failing to sustain over the aforementioned price floor, BNB could aim for $433.54.

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