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Ethereum Classic has taken a surprising turn over the past 24 hours, diving more than any other crypto in the top-15 despite spending most of the week as the #1 gainer. This decline is largely due to Bitcoin’s current market depreciation, where its price is being forced down by strong bearish opposition.

The community is still waiting for Coinbase to officially list ETC on its platform after the announcement came out on Twitter on June 11. Yesterday, transactions on the Ethereum Classic network began increasing dramatically as rumours start to circulate that the listing date could be fast approaching.

If this is true then we should expect big things for ETC going into the middle of Q3, especially now that Coinbase has extended its services to include GBP payments again for UK users.

The Story So Far

For the last month, ETC was tracking well along a strong uptrending support until the price action broke bearish off the 0.0 fib level at $19 on July 7. From there the asset began to travel sideways against the 0.5 fib level as bullish traders fought to keep the asset above the psychological $15 mark.

Bulls were able to make three prominent runs off this support area, but were increasingly forced down by bears after each consecutive uptrend. The downtrending resistance that formed from the top of the three peaks gave us the indication that we had a bullish pennant forming, or a descending triangle at least.

During Wednesday’s technical analysis video, the asset had retraced to the 0.5 fib level for the third time and was looking promising to test the sloping resistance again, but Bitcoin’s deterioration brought the rest of the market down with it.

The Story Now

Right now, we can see a ‘Death Cross’ has appeared between the 50 and 200 EMA over 4hr candles, as Ethereum Classic’s hard-fought momentum has been lost.

Candle wicks have already started to flicker towards the $14.50 mark, but looking at the indicators, we can see that the bulls are fighting hard to retrace back to upper support at the 0.618 Fibonacci level.

So who’s going to win between the bulls and the bears? Let’s take a look at the indicators now over 30 minute candles;

  • Straight away, we can see that the faster moving average on the MACD indicator is converging back over the slower moving average, as short-term momentum gathers behind ETC.
  • RSI is also recovering off the bottom of the channel and starting to climb back into the center.
  • Candles are starting to head back towards the central Bollinger Band.
  • More importantly, the CMF indicator has crossed over the signal line, which tells us the bulls are running/ buying pressure is increasing.

Ethereum Classic (ETC) Price Targets

All price targets are set from the 0.618 fib level/ $14.99 mark.

Price Target 1 (Bullish): Retracement to the 0.5 fib level at $15.76 (5.15% ROI)

Price Target 2 (Bullish): Continuation to the 0.382 fib level at $16.54 (10.31% ROI)

Price Target 3 (Bearish): Collapse to the 0.785 fib level at $13.89 (-7.34% loss on investment)