Ethereum Classic Price Analysis: Will ETC again Showcase its Potential?


  • ETC/USD is confronted with resistance level of R1 at 29.81 dollars.
  • In terms of ETC support floor, it is now $26.26.
  • 24-hour trading volume for Ethereum Classic is hovering at $343,363,543.00.
  • ETC price flashes signs of bearishness on 7-days price chart.

03 October 2022 : In this article we will walk you through Ethereum Classic price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Ethereum Classic, Is ETC a good investment? Ethereum Classic support & resistance levels etc. But before diving deep into the ETC technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $938,674,107,757. The total trading volume stands at $53,771,713,429. Bitcoin shares 39.72 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,449.78 level after an upward movement of 1.29%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.85 percent reaching to $1,321.44 during the previous 24 hours.
While publishing this blog, BNB traded at $287.58, following a price change of 1.59% within the same time frame. XRP the native coin of XRP is down by -1.56 and currently trading at $0.45. Additionally, Cardano reached $0.43 after seeing a uplift of 0.31% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Ethereum Classic Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Ethereum Classic (ETC)

ETC Resistance Levels ETC Support Levels
Resistance Level 1 $29.81 Support Level 1 $26.26
Resistance Level 2 $31.78 Support Level 2 $24.68
Resistance Level 3 $33.36 Support Level 3 $22.71

Ethereum Classic Performance

According to PriceAnalysis Market Index, Ethereum Classic (ETC) is trading at $27.36 with a trading volume of $343,363,543.00. However,ETC has seen a price increase of 0.68% in the last 24 hours.ETC price changes -2.61% over the week with a total market capitalization of $3,753,617,401.00 USD.

Ethereum Classic Price Analysis

ETC price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Ethereum Classic.

Moving Averages Price Indicator
Simple Moving Average (10) 28.08 Sell
Exponential Moving Average (10) 27.99 Sell
Simple Moving Average (20) 30.25 Sell
Exponential Moving Average (20) 29.99 Sell
Simple Moving Average (50) 33.80 Sell
Exponential Moving Average (50) 33.56 Sell

RSI implying near oversold phase while trading at 35 and is trying to break out of the bearish zone. The ETC/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. In accordance with the conventional pivot, the crucial immediate resistance for ETC may be found at $29.81, followed by $31.78. In the meantime, the cryptocurrency's support levels were located at $26.26 and then $24.68. While ETC’s Williams %R indicator is at -79.31 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

ETC price is moving in sideways direction. The battle between the bulls and the bears can result in moving the coin price in either direction. However, The investors are waiting for Ethereum Classic to make a one directional move to make a good entry in the market.