Our Ethereum Classic price prediction is still bullish despite the ongoing market-wide correction. Although ETC crypto has broken the daily uptrend, the bullish market structure is still intact. Nevertheless, bulls need to hold the 200-day moving average, or the tables might turn.
Cryptocurrencies are facing a major correction after a significant relief rally. On Friday, Bitcoin and Ethereum prices plummeted as both digital assets failed to break above key levels. This move triggered a market-wide sell-off as most altcoins closed the day in the red. You can buy ETC by signing up on a top crypto exchange like Binance.
At the time of writing, the Ethereum Classic price is trading at $35.52. The price has plummeted by more than 10% during the past 24 hrs. There have been multiple attempts from the bulls to reclaim the $45 level, but the price got rejected. Consequently, the price has formed a double top that could be very bearish.
According to Ethereum Classic news today, the network hashrate has hit a new all-time high. The reason is that the Ethereum miners are seeking post-Merge alternatives. It is widely speculated that the ETH miners might move to the ETC chain after the Ethereum 2.0 upgrade.
Technical analysis of the ETC USD price chart depicts a falling wedge breakout on the 1D timeframe. The price couldn’t gain much momentum after the breakout and topped out at $45. Currently, the price is retesting the breakout after for the second time. If bulls manage to close the week above the trendline, the price might retest the $45 level once again.
Our Ethereum Classic price prediction also depends on the price action of Ethereum, as both cryptocurrencies are strongly correlated. ETC price is likely to remain in an uptrend till the Merge upgrade as the whole market is anticipating a positive price action by Ethereum.
It is worth mentioning that a daily closure below $25 might change everything. Therefore, a stop loss below this level is advisable if you’re entering a long trade.
This post was last modified on Aug 19, 2022, 21:15 BST 21:15