Ethereum Classic Price: ETC tries to kickstart the stalling rally

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Written By: Elliott Laybourne

Aug 18, 2021, 08:37 BST 08:37

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Summary:

reum Classic price has followed the broader market lower over the last few days as investors digest the scale of the recent turnaround in crypto sentiment.

The Ethereum Classic price has followed the broader market lower over the last few days as investors digest the scale of the recent turnaround in crypto sentiment. Although ETC has given back around 18% since Monday, it is still a respectable 71% higher in the last month. But the price is at a critical crossroads, which could signal the rally may soon resume. But, on the other hand, it could lead to a reversal lower.

Ethereum Classic (ETC), similar to ETH, has spent the best part of two weeks gyrating either side of a key price level. Whilst Ethereum dances with $3,000, it’s the $65.00 pivot proving tricky for ETC. Clearly, Ethereum Classic has underperformed Ethereum ever since the hard fork in 2016, which spawned the number-two ranked cryptocurrency. This is true even more so in the last couple of months. ETH is around 42% below Mays high, but the Ethereum Classic price would need to increase by a whopping 183% to equal its 2021 record. And while many commentators predict Ethereum may soon reclaim its former glory, for ETC, the are more pressing concerns.

ETC Price forecast

A clear, supportive trend line is visible at $58.90 on the daily chart. This aligns with the 100-day moving average at $53.30 to create an important support level. This was proved true this morning when the price bounced from $59.70 to $65.12.

Countering the support is a trend line at $64.50. This should be viewed as the first level of resistance, followed by Sundays,$78.06 high. However, the real test for the recovery comes at $85.00, around 33% above the current level.

As long as ETC respects the trend support, it could convincingly clear $65.00 again, and in that event, the price may extend towards $85.00. However, this depends on how Ethereum performs at $3,000. For now, ETH is above the psychological threshold. But if Ethereum loses ground, ETC will likely follow. And should that happen, the Ethereum Classic price could lose trend support. A close below $58.30 would invalidate the bullish outlook and signal a possible return to July’s 37.00 low.

Ethereum Classic Price Chart (Daily)

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Written By: Elliott Laybourne

Elliott Laybourne is an accomplished Hedge Fund sales and Investment bank trading specialist. Elliott also started a successful Base Metals Brokerage business in partnership with ABN AMRO clearing bank. He worked on the open outcry trading floors at the London International Financial Futures Exchange 'LIFFE' and the London Metal Exchange 'LME.' He also provided research and execution services for Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and Pennsylvania State Public School Employees Retirement System, as amongst others. Today, he focuses on providing trading consultancy and business development services for family office and brokerage clientele.