Ethereum Classic (ETC) Price Muffled In Last 2 Months – Will ‘Uptober’ Be Any Different?

Christian Encila

2 years ago

2 mins read

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There was a 5% loss in value for ETC over the past day. The Ethereum Classic coin has continued its fall on longer time frames since the July spike.

Ethereum Classic bears were unable to withstand the selling pressure after the fork attempted to maintain a price above the $27 support line.

As of this writing, ETC is trading at $23.08, down 16 percent in the last seven days, data by Coingecko show, Saturday.

Although Proof-of-Stake has rendered Ethereum’s mining obsolete, renewed interest in the coin has resulted from the Merge. The day the Merge was made public, the hashrate increased as a result.

However, ETC’s long-term prospects remain bleak as weekly, biweekly, and monthly time periods are all in the red.

The present value of 0.80 between Ethereum and its hard fork indicates that Ethereum Classic will enthusiastically follow wherever ETH goes. The data points to a positive expansion.

Ethereum Classic: Technical Analysis

From September 19 to now, ETC has fluctuated in price between $20.73 and $31.13. The coin’s current moving average (CMF) is currently -0.09, which indicates that bears are gaining dominance.

Nonetheless, the Stoch RSI is in the oversold region, which represents an excellent buying opportunity for investors and traders.

The increasing ascent of the bull-bear power indicator suggests a likely trend reversal. However, the Bollinger band’s central line is exerting greater downward pressure on the coin.

The 20-day to 100-day exponential moving averages (EMAs) also operate as dynamic barrier for the token, making a rebound conceivable.

ETC: Possible Recuperation?

Although it will be tough to produce a price reversal, bulls can yet defend the $23 support level. This will serve as a springboard for them to try the $27 resistance level. Traders and investors can also utilize the Stoch RSI numbers.

As previously stated, the Stoch RSI is in the oversold bottom half. This indicates that the coin is now undervalued and extremely inexpensive to purchase. Speculators and investors can purchase ETC at the current market price with a loss stop of $18.76.

However, this carries considerable risk because other indicators hint to a short- and long-term pessimistic outlook for ETC. But if the bulls can maintain the $23 support line, October will be an excellent starting place for a further rise to $29.71. We anticipate a strong bearish or bullish price movement in the following days and weeks.

ETC total market cap at $3.17 billion on the daily chart | Featured image from Investing.com, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.