Bitcoin
$23,069.21
+31.02
(+0.13%)
Ethereum
$1,599.70
+16.62
(+1.05%)
Ripple
$0.41
+0.01
(+2.05%)
Litecoin
$89.18
+1.67
(+1.91%)
EOS
$1.11
+0.01
(+0.45%)
Cardano
$0.39
+0.02
(+4.9%)
Stellar
$0.09
0
(+2.65%)
NEO
$8.44
+0.26
(+3.18%)
NEM
$0.04
0
(+3.26%)
DigitalCash
$51.68
+0.89
(+1.75%)
Tether
$1.00
0
(0%)
Binance Coin
$310.03
+5.89
(+1.94%)
QTUM
$2.71
+0.09
(+3.55%)
Verge
$0.00
0
(+5.62%)
Ontology
$0.22
+0.01
(+2.43%)
ZCash
$46.03
+0.02
(+0.04%)
Steem
$0.20
-0
(-0.83%)

ETC is Heavy Below $55

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The Ethereum Classic price has been trading sideways in a $10 range, struggling to clear overhead resistance since the start of the month. Ethereum Classic (ETC/USD) is trading at $52.48 (+0.20%), up 11.78% in October, and +1,070% year-to-date. ETC’s current market cap of $6.85 billion makes it the 29th-most valuable cryptocurrency, behind TRON (TRX/USD).

This morning, Bitcoin is trading at $64k, just shy of its all-time high, which has lifted the combined value of the cryptocurrency market to a record $2.5 trillion. However, despite some exceptions, the majority of altcoins are trading way below their peaks. Despite climbing around 20% from the last month’s low, ETC will need to improve by 50% to reach the four-month high of $78.80, set earlier in September. Furthermore, The Ethereum Classic price is still 70% less than the ATH of $184.80 set in May. But even though the token is trading at a steep discount, there are no signs of an impending rally.

ETC Price Forecast

The daily chart shows that Ethereum Classic is capped by the 50, 100, and 200-day moving averages between $55.29 and $55.50. The tightly grouped indicators combined pose a considerable obstacle for the bulls. As long as ETC stays below $55.28, a test of trend support at $47.00 is likely. However, successfully clearing the moving averages should attract enough bullish momentum to lift ETC towards trend resistance at $73.00.

The Moving Average Convergence Divergence Indicator (MACD) and the Relative Strength Index (RSI) have neutral readings. Additionally, the trading volume is light, indicating a lack of investor interest. On that basis, I expect the sideways price action to continue for now. The current outlook for the Ethereum classic price is neutral, in a $47.00-$55.00 trading range,

Ethereum Classic Price Forecast

Ethereum classic price prediction

For more market insights, follow Elliott on Twitter.





Read More: ETC is Heavy Below $55

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