Cryptocurrencies

Ethereum Classic Price Prediction: ETC is Heavy Below $55

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Written By: Elliott Laybourne
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    Summary:
  • The Ethereum Classic price has been trading sideways in a $10 range, struggling to clear overhead resistance since the start of the month.

The Ethereum Classic price has been trading sideways in a $10 range, struggling to clear overhead resistance since the start of the month. Ethereum Classic (ETC/USD) is trading at $52.48 (+0.20%), up 11.78% in October, and +1,070% year-to-date. ETC’s current market cap of $6.85 billion makes it the 29th-most valuable cryptocurrency, behind TRON (TRX/USD).

This morning, Bitcoin is trading at $64k, just shy of its all-time high, which has lifted the combined value of the cryptocurrency market to a record $2.5 trillion. However, despite some exceptions, the majority of altcoins are trading way below their peaks. Despite climbing around 20% from the last month’s low, ETC will need to improve by 50% to reach the four-month high of $78.80, set earlier in September. Furthermore, The Ethereum Classic price is still 70% less than the ATH of $184.80 set in May. But even though the token is trading at a steep discount, there are no signs of an impending rally.

ETC Price Forecast

The daily chart shows that Ethereum Classic is capped by the 50, 100, and 200-day moving averages between $55.29 and $55.50. The tightly grouped indicators combined pose a considerable obstacle for the bulls. As long as ETC stays below $55.28, a test of trend support at $47.00 is likely. However, successfully clearing the moving averages should attract enough bullish momentum to lift ETC towards trend resistance at $73.00.

The Moving Average Convergence Divergence Indicator (MACD) and the Relative Strength Index (RSI) have neutral readings. Additionally, the trading volume is light, indicating a lack of investor interest. On that basis, I expect the sideways price action to continue for now. The current outlook for the Ethereum classic price is neutral, in a $47.00-$55.00 trading range,

Ethereum Classic Price Forecast

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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.

Published by
Written By: Elliott Laybourne