Price Analysis

Ethereum Classic Price to Retest $20 Soon! Does it Indicate a Revival of a Bearish Trend?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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The Ethereum Classic price has been highly bearish since the beginning of September, but it quickly recovered and stabilized at $38.00 for a few days. The conflict between the bulls and bears persisted, the bears quickly took charge, and the ETC price dropped to $27.72. 

The prices quickly increased to equal highs set at $30.91, where they remained steady for more than a week before falling to $27.72. The bears dominated and pushed the prices below $27.72. The bulls made an attempt to rebound driving the price to $27.72 but are facing it difficult to surge the price above that level.

Prices for Ethereum Classic are currently sitting around $27.72 and are aiming to go higher. Investors must be prepared for a probable reversal that will lead the Ethereum Classic price to decrease because it is a probability that it will rise.

A 5% decline is expected soon, followed by a quick recovery. Ethereum Classic’s price might rise 17% to $30.91 at this time due to the current uptick in positive momentum. Traders can profit from the buy-stop above these highs by pushing the ETC prices to cross this level.

In contrast, if the Ethereum Classic price keeps piercing through the $22.88 to $26.30 demand zone without responding to it, it will be a sign of an extreme increase in the selling pressure. In order to refute the bullish case, ETC may produce a daily candlestick below the demand zone if the trend persists. This could prompt a retest of the $20 psychological price barrier for the asset.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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