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Ethereum Classic price prediction: ETC could drop to $33 now

 


The Ethereum Classic course is extremely bullish, but was rejected at the golden ratio resistance at around USD 46, which means that ETC could now correct to USD 33.


Ethereum Classic course is extremely bullish

For the Ethereum Classic course, this could be the most bullish monthly candle since the bull run in 2021. The ETC has risen around 240% so far this month and around 260% since it reached its low point in the previous month. ETC was previously able to bounce off the support zone between USD 9.92 and USD 13.43.


In addition, the MACD histogram could tick bullishly higher this month. However, the MACD lines remain bearishly crossed and the RSI is neutral. Significant horizontal resistance awaits the ETC price between $48.23 and $52.74.


ETC price is at golden ratio resistance

In the course of the upward movement, the ETC price reached the golden ratio at around USD 46, at which ETC initially seems to be rejected in a bearish manner. Nonetheless, the weekly MACD is clearly bullish as the histogram is ticking bullishly higher and the MACD lines are crossed bullishly.


The RSI is neutral, but could soon reach overbought regions. If the ETC price breaks the golden ratio bullishly at around USD 46, the next significant resistance on Ethereum Classic awaits at around USD 48 and USD 53.


ETC price is bearishly rejected at golden ratio around USD 46

Yesterday the ETC price reached the golden ratio at around USD 46, where ETC was rejected yesterday in a bearish manner. Today, the ETC price could react to the bearish rejection with a downward movement. Then ETC could correct to the 0.382 Fib support at $32.8 to bounce sharply there. That implies downside potential of around 18%.


Otherwise, ETC finds significant Fibonacci support at around USD 24 at the latest. However, the MACD is still clearly bullish in the daily chart, because the MACD lines are bullishly crossed and the histogram is ticking bullishly higher. The RSI reached overbought regions, but is giving neither bullish nor bearish signals.


Golden crossover on the 4H chart is bullishly confirming the trend

A golden crossover was established in the 4H chart, which confirms the short-term bullish trend. Nevertheless, the ETC course could now correct itself in the short term. The MACD is bearish in the 4H chart, because the MACD lines are now crossing bearishly and the histogram is also ticking bearishly lower. The RSI is also neutral here.


Ethereum Classic price is also bullish against BTC

The ETC course is also bullish against BTC. Here, the golden crossover was even established in the daily chart, which confirms the bullish trend in the short to medium term. In addition, the ETC price was able to bullishly break the 0.382 Fib resistance at around 0.00157 BTC and is now finding the next significant Fibonacci resistance at around 0.0022 BTC.


Nonetheless, ETC appears to be correcting in the near term. The RSI is also showing massive bearish divergence, while the MACD histogram is ticking bearish lower today.


ETC is now finding significant Fibonacci supports around 0.00157 BTC, around 0.00138 BTC and around 0.00105 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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