- Kurs (ETC): $36.96 (previous week: $39.30)
- Short-term resistances/goals: 43,67 USD, 47,00/48,83 USD, 52.76 USD, 61,16 USD, 73,74 USD, 80,40 USD, 95,25 USD, 102,75 USD
- Short-term supports: 31,26 USD, 27,42 USD, 23,39 USD, 17,10 USD, 12,56 USD
Course analysis based on the pair of values ETC/USD on Bitfinex
ETC Recap:
- Unnoticed by many investors who only look at the hype surrounding the merger from Ethereum (ETH) to Ethereum 2.0, the price of Ethereum Classic tripled in the slipstream of its big brother.
- The ETC course was thus able to clearly outperform the recent price rally of the ether course.
- From the July low of around $13, the ETC price peaked 260 percentage points towards the parent 23 Fibonacci retracement at $47.04. The historical high reached a value of USD 45.91 before increased profit-taking began.
- In the following days, the ETC price consolidated back to the cross support from EMA50 (orange), EMA200 (blue) and the horizontal support at USD 31.26.
- Ethereum Classic has stabilized here in the last few trading days and is currently rising north again.
- Although the proof-of-work-based blockchain has not been developed further for a long time, the largest Ethereum mining pool Ethermine.org offers its users a switch to the Ethereum Classic mining pool after the shutdown of their own Ethereum node.
- It is currently difficult to say whether the mining of Ethereum Classic will cover the costs of the mining operators in the long term, since the ETC price is significantly lower than the Ether price.
- From a technical point of view, however, investors can use the hype surrounding the merger to their advantage at least until mid-September and thus benefit from a possible price increase in Ethereum Classic.
Bullish Scenario (ETC):
- After stabilizing in the area of USD 31.26 in the last few trading days, Ethereum Classic is making its way north together with Ethereum this Thursday.
- If investors succeed in raising the ETC price towards the monthly high of USD 45.77, a first showdown between bulls and bears is imminent.
- If the resistance between USD 47.00 and USD 48.83 can then be overcome, the focus will initially be on the historical high from March 2022 at USD 52.76.
- If there is no sustained profit-taking here and the ETC price subsequently asserts itself above the 23 Fibonacci retracement, the next price target at USD 61.16 is activated when the orange zone is broken out.
- If this price mark is also exceeded by the daily closing price, a subsequent increase up to the turquoise resistance area between USD 73.74 and USD 80.40 is conceivable.
- Again, expect increased selling from the bull camp in this zone.
- If, contrary to expectations, this area can also be broken through, a march through to the red resistance area between USD 95.25 and USD 102.75 is not ruled out, subject to a rising crypto market.
- From the current perspective, the price mark of USD 102.75 is the maximum price target for Ethereum Classic. This is where the 61 Fibonacci retracement of the overarching trend movement runs.
- Reaching this price level beyond the USD 100 mark is considered unlikely given the low relevance of the ETC blockchain.
- As long as the ETC price is above the EMA200 in the daily chart, investors can try to use interim price setbacks for a long entry.
Bearish Scenario (ETC):
- The bears pushed the ETC price back to the strong support in the USD 31 area, but here the sell-side lost the strength for a further sell-off.
- The seller camp should now try to cap the ETC price in the orange resistance zone at the latest and in turn initiate a new sell-off.
- A first success would be seen in the sell-off down to the support at USD 27.42.
- If this support fails, the correction will immediately widen towards $23.39.
- A counter-reaction on the part of the buyers is to be expected at this support level. This price level represents the breakout level of the recent bullish rally.
- If Ethereum Classic dynamically breaks below this support at the daily closing price, the downward movement extends to USD 19.02.
- However, a retest of the support level at USD 17.10 is more likely.
- If the bulls remain on the sidelines here and do not invest again in the crypto veteran, the chart picture will definitely cloud over.
- Then the ETC price should disappear again into insignificance.
- A sell-off toward the yearly lows of $12.56 would be increasingly likely.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.
The chart images were created using TradingView created.
USD/EUR exchange rate at the time of going to press: EUR 1.00.
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