Ethereum

Ethereum Classic

Reversal

The post <a href="https://coinpedia.org/price-analysis/etc-price-prediction-teases-trend-reversal-to-hit-40/">ETC Price Prediction Teases Trend Reversal To Hit $40</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Following the impressive recovery of 37% last week, the ETC price shows a minor pullback this week. With a 6.47% decline, the minor pullback humbles the Ethereum Classic buyers and retests the breakout level.&nbsp; 
With the weekly chart signaling an overall trend reversal spark getting brighter in the ETC price trend, the retest comes as an entry spot. Moreover, our <a href="https://coinpedia.org/price-prediction/etc-ethereum-classic-price-prediction/">ETC price prediction</a> aligns with the trend reversal possibility as we expect a bull run for Ethereum Classic in 2024. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="483" src="https://image.coinpedia.org/wp-content/uploads/2024/01/20125255/image-97-1024x483.png" alt="" class="wp-image-262806" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/20125255/image-97-1024x483.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125255/image-97-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125255/image-97-768x362.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125255/image-97-1536x725.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125255/image-97-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125255/image-97.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Source – <a href="https://www.tradingview.com/x/zg1GmMMF/">Tradingview</a> 
<h2 class="wp-block-heading" id="h-etc-price-prepares-a-takeoff-beyond-30">ETC Price Prepares A Takeoff Beyond $30</h2> 
In the daily chart, the recent correction marks a quick retest of the 50-day EMA and the 38.20% Fibonacci level. However, the increased demand at lower levels pushes the Ethereum Classic price higher back with a long-tail bullish candle.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="483" src="https://image.coinpedia.org/wp-content/uploads/2024/01/20125253/image-96-1024x483.png" alt="" class="wp-image-262805" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/20125253/image-96-1024x483.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125253/image-96-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125253/image-96-768x362.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125253/image-96-1536x725.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125253/image-96-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/01/20125253/image-96.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Further, an uptick in the trading volume supports the idea of a bullish comeback to conclude the ongoing retest. Currently, the ETC price trades at $24.82 and shows a 2.05% drop, resulting in a new bear candle, teasing a sideways shift above $24.&nbsp; 
Technical indicators: 
Stochastic RSI: The K and D lines in the stochastic RSI maintain a declining slope and approach the oversold boundary. Hence, a bounceback is possible as the lines may soon reverse from the oversold. 
EMA: In the daily chart, the 50-day EMA reflects a dynamic solid support ready to absorb overhead supply.&nbsp; 
<h2 class="wp-block-heading" id="h-will-ethereum-classic-price-reach-40">Will Ethereum Classic Price Reach $40?</h2> 
Following the impressive reversal last night from the confluence of supports at $24, the Ethereum Classic sustains the uptrend. In addition, the weekly chart reflects a potential trend reversal with the range breakout. 
Hence, the technical chart signals an entry opportunity for sideline traders in both weekly and daily charts.&nbsp; 
If the buyers manage to lift the uptrend, the ETC price may break past $30 to reach $40 shortly. However, if ETC fails to maintain its momentum, it may break the $24 level to test the $20 mark.

ETC Price Prediction Teases Trend Reversal To Hit $40

Table of Contents

CoinPedia News

Other articles published on Jan 20, 2024

Is Options Trading On BlackRock’s Bitcoin Spot ETF Imminent? Here’s What We Know

Bonk’s Value Climbs with Solana Whales’ Purchases; Polkadot & Rebel Satoshi ($RBLZ) Gain Interest...

The Rise of Bitcoin and Solana NFTs as Ethereum Falters

Retik Finance Muncul sebagai Bintang DeFi di Tengah Ketidakpastian Cardano dan Ripple

Analyst Identifies MINA, ADA, SUI, and DYDX For “Interesting Moves”

Can Bitcoin Cross $45K Amidst Bearish Trends?

Join our free newsletter for daily crypto updates!