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Cryptocurrency News Articles
Ethereum Classic (ETC) Price Prediction: ETC Below Weekly MAs, but Trendline Broken
Oct 11, 2024 at 04:30 am
Ethereum Classic [ETC] has maintained its original blockchain history since the DAO hack, unlike Ethereum [ETH], which created a new version of the network.
Priced significantly lower than Ethereum at $18 at press time, a recent analysis showed that ETC’s short-term bubble risk had turned bearish, potentially indicating a continuation of the downtrend.
This negative outlook was further supported by several indicators pointing towards a further decline, as ETC had been in a consistent downtrend since peaking at $186 in April 2021.
Moreover, ETC’s valuation against Bitcoin [BTC], the leading cryptocurrency, had also been declining, mirroring Ethereum’s performance and highlighting BTC’s dominance across the market.
While the crypto market generally tended to experience gains in the final quarter of the year, ETC’s weak valuation suggested it might not follow this pattern.
Historically, Bitcoin’s strength often influenced other cryptocurrencies, but ETC seemed vulnerable to continued decline despite the usual optimism in Q4.
ETC was trading below all its simple moving average (SMA) at press time, including the 8-day SMA, which indicated a bearish trend.
This downward movement highlighted increased risk for traders holding Ethereum Classic or considering entering the market for potential Q4 gains.
For Futures traders, shorting ETC might be a viable option, especially since trading below moving averages typically signaled a bearish trend direction.
However, a glimmer of hope remained for Ethereum Classic, as a technical analysis of the ETC/USDT pair showed a recent break above a descending trendline, which had been suppressing its price since May 2024.
Trendline breaks often signaled potential market reversals, and ETC’s move above $18 suggested the possibility of a bottom forming. If the price held above this level, it could rally to $25, offering potential gains of more than 40%.
On the flip side, if ETC failed to hold its current support and fell below the key $18 level, the decline may continue. A break below this critical level would likely lead to further price deterioration.
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