Ethereum Classic price prediction highlights ETC’s price movement below the supply region extending from $69.08 to $73.29.
If Ethereum Classic closes the day above the $73.30 price region, a 30 percent bull run could kick-start.
If Ethereum Classic bears pull ETC below its recent $62 swing low, the projected bullish narrative will be invalidated.
After facing numerous rejections around its critical supply region, Ethereum Classic’s price action is moving in a tight range at the time of writing. At present, Ethereum Classic appears to be preparing for a volatile breakout as projected by a critical technical indicator.
Ethereum Classic price action has been registering mainly consolidations since late May. While the first half of these price actions were above the supply region, ranging from $69.1 to $73.3, the other half was below this critical level.
The difference between the first and second half suggests Ethereum Classic bulls have been unable to maintain a consistent bullish momentum. Additionally, this trend reveals most investors are opting to invest in the crypto asset for short-term purposes. It appears long-term investors are becoming few in the Ethereum Classic market.
Despite this, Ethereum Classic has been registering impressive runs over the past few weeks. For instance, on May 30, the crypto coin saw its price appreciate by 20 percent after bouncing from the 50 percent Fibo retracement level at around $60. This particular price rally saw the crypto face resistance at the $70 price region, which coincides with the 50 4-hour Simple Moving Average (SMA).
Shortly after this, Ethereum Classic’s 100 4-hour Simple Moving Average broke down below the coin’s 200 4-hour Simple Moving Average, initiating a bearish narrative. Usually, such a move signals a bearish trend as it exhibits investors are either selling or exchanging their holdings on a short-term basis.
At the time of writing, Ethereum Classic is exchanging hands at around $69.12 after opening the day at $68.43. Today’s opening price, $68.43, coincides with Ethereum Classic’s support line at the 50 Moving Average. Since ETC opened the day above the Moving Average, Ethereum Classic seems ready for a trend reversal that could see the crypto asset surge in the near term. And since volatility has reduced in the market, if Ethereum Classic maintains the current trend, it could see it register an impressive 30 percent price surge.
Ethereum Classic’s Momentum Reversal Indicator (MRI) has signaled an anticipatory top in the form of a yellow down indicator. This means that if the crypto asset continues to record positive price movements, a sell signal will emerge in the form of a red candlestick. This technical formation projects Ethereum Classic is likely to experience a one-to-four candlestick correction.
Consequently, market participants need to be on the lookout for ETC’s price action at an inflection point. If the correction comes to fruition, Ethereum Classic investors will sell their holdings to push the crypto coin downwards towards the 50 percent Fibo retracement level at around $60.13.
On the other hand, an upswing will emerge if buyers rise to the occasion, making Ethereum Classic surge briefly. However, the crypto coin will plunge shortly after the surge pushing the crypto towards the demand zone, extending between $48.9 to $54.30.
If Ethereum Classic depreciates to such levels, there is a high likelihood that bulls will rescue the crypto from the demand zone. Such a move will bring some steam back, ensuring a 47 percent surge happens. This will push ETC towards its recent swing high of $80.3, which coincides with its 200 4-hour Simple Moving Average.