Ethereum Classic Price Prediction: Is ETC ready for a decline?

Ethereum Classic price prediction summary

• on September 21, Ethereum Classic price rose significantly.
• In some ways, this rise was caused by a breakout from the bullish setup.

After a ten-day consolidation starting on September 21, Ethereum Classic’s price rose significantly. However, as technical indicators indicate an impending pullback for ETC, this rise appears to be in danger.

When analyzing the 7-day ETC/USD chart, we can discover some interesting details. We can see that price formed a symmetrical triangle pattern over the last three days of consolidation, which is generally considered a continuation pattern. Therefore, it appears likely that ETC will resume its uptrend in the near future.

However, when we look at the hourly chart, things are not so clear. We can see that price is trading above the twenty-four-hour EMA (purple line). However, this moving average has a downward slope. At the same time, RSI(14) fell below 40 and

Ethereum Classic price preparing for a retracement 

After coiling up inside a falling wedge pattern since September 6, Ethereum Classic rose 25% in value from September 29 to October 6. In some ways, this rise was caused by a breakout from the bullish setup.

However, ETC reached its objective from October 2 to October 6 and began forming higher highs. While the Relative Strength Index (RSI) produced lower lows, generating a bearish divergence. This technical pattern indicates that the momentum will not support the current increase in price. As a result, investors may anticipate a decline in prices.

In late September 16, the Ethereum Classic price produced lower highs, but the RSI generated higher highs during the same period, resulting in a hidden bearish divergence. This pattern also suggests that ETC is on track for a fall.

Investors may anticipate the Ethereum Classic price to decline at least 10% from its current level to $48.12. There’s a chance that this fall might breach the support area beginning at $48.12 and extending down to $44.76, which would extend it by 15%.

ETC/USDT 4-hour chart by TradingView

Even though the Ethereum Classic price appears to be declining, investors should recall that a sudden burst of buying power may help ETC and its RSI improve, alleviating the short-term bearish perspective.

However, if the price of Ethereum Classic rises above $60.08 in the next four hours, it will negate the bearish scenario.