Ethereum Classic Price Prediction: Will ETC break out of its consolidation?

• 1 Ethereum Classic token was presently astatine $21.21 pinch an summation of 0.33% during nan intraday trading session.
• 2 The 24-hour debased of ETC was $20.39 and nan 24-hour precocious of ETC was $21.24.
• 3 The existent Ethereum Classic token value is betwixt 100, and 200-Day EMA.

The brace of ETC/BTC was presently trading astatine 0.0009152 BTC pinch a emergence of 0.04% complete nan intraday trading session.

Ethereum Classis value study suggests that it is presently successful a consolidation phase. 2022 was a very volatile twelvemonth for ETC. As nan twelvemonth started bulls took complete nan marketplace making its caller 52-week high, and soon aft bears took backmost nan marketplace and made a caller 52-week low. Then again bulls took complete nan marketplace taking nan token to its proviso area aliases distribution shape but again bears took complete nan marketplace and forced nan token to participate its request area aliases accumulation zone. And astatine nan extremity of nan year, bears pushed nan token adjacent its 52-week  low.

2022 was a rollercoaster thrust for nan traders arsenic good arsenic for nan investors.

After nan commencement of 2023, nan token was perpetually rising until it collapsed its superior support, from location connected it is consolidating betwixt its superior guidance and support. If nan token breakout of nan consolidation is beneath its superior support past sellers will push backmost nan token into its request area and if nan token breakout supra its superior guidance past buyers whitethorn push nan token and thief it break its secondary resistance. Traders should patiently watch nan marketplace for immoderate important move.

Source: ETC/USD by Tradingview

The measurement of nan coin has decreased by 19.84% successful nan past 24 hours. The alteration successful measurement indicates that nan number of sellers has increased. This shows that sellers are trying their champion and location is nary narration betwixt measurement and nan value of ETC, which represents a weakness successful nan existent downtrend aliases a imaginable reversal.

The method study of Ethereum Classic    

Source: ETC/USD by Tradingview

RSI is expanding successful nan oversold area and is showing signs of a affirmative crossover which indicates that nan buyers are coming successful nan mostly and pushing ETC upwards. This suggests nan spot of nan existent bullish trend. The existent worth of RSI is 45.73 which is beneath nan mean RSI worth of 50.77. 

The MACD and nan awesome statement are decreasing and intersecting but not giving immoderate definitive crossover aliases grounds to support nan RSI claims. Investors request to watch each move complete nan charts during nan day’s trading session.

Conclusion

Ethereum Classic value study suggests that it is presently successful a consolidation phase. 2022 was a very volatile twelvemonth for ETC. From nan commencement of 2023, ETC started rising but soon aft breaking its superior support nan token became consolidated betwixt its superior support and resistance, The alteration successful measurement shows a deficiency of assurance successful traders. But RSI is expanding successful an oversold area which indicates spot successful nan bullish trend, arsenic per nan method indicators. This only creates disorder among traders. Traders should hold for immoderate important move successful nan marketplace earlier making immoderate trades.

Technical Levels

Resistance level- $24.20 and $27.09

Support level- $20.16 and $15.11

Disclaimer

The views and opinions stated by nan author, aliases immoderate group named successful this article, are for informational purposes only, and they do not found financial, investment, aliases different advice. Investing successful aliases trading crypto assets comes pinch a consequence of financial loss.