As with most other cryptos, Ethereum Classic suffered a massive downturn over the past few weeks. The price tanked spectacularly from a high of $140 on April on 6 May to reach a low of just over $40 on 21 June.
That low was broken further when ETC descended to the $39.60 mark on June 26 indicating further selling pressure.
However, the past 48 hours have seen a considerable uptrend in the ETC price which has started a consistent move into the green, with more market participants now looking to buy cryptocurrency.
Short Term Forecast for Ethereum Classic: Bullish Or Downtrend?
At the moment, Ethereum Classic is trading between the $47.2 and the $51.3 mark with a bullish marker looking to test the $50 level.
The price has now moved up from the $39.60 level on June 26 to the $48 level now or a 20% increase. It is expected to find significant resistance at around $51.45 but if that line is broken then an ascending triangle should be forming. A bullish marker could push the price all the way up to over the $61 level.
However, if resistance is met, then the price of ETC could spiral down to the $41 level yet again where there seems to be strong support. However, the indicators are for a bullish sentiment with this coin.
A brief pullback is to be expected but the $61 level should be within easy reach if bullish sentiment continues to prevail. The crucial point is the $41 level since if that is broken, a descent all the way to the $34.65 mark could be expected with bearish sentiment taking over.
Long Term Forecast For ETC: Bearish Over Summer And A Pickup In Winter
Although the price of ETC is expected to rise in June, the next months could prove to be testing times for the crypto. In July, the price on crypto trading platforms is expected to hover between a high of $54 and a minimum of $30. The latter is around 25% off its current price of $48.60.
August and September should see the price pretty much unchanged but ETC should creep up in October with an expected maximum price of $54.
Come November and December which are traditionally bullish months, Ethereum Classic is expected to rise to the $72 level and end the year on a significant high. That is still way off the all time high of $140 registered in May although the crash from that point was equally sudden.
Will Ethereum Classic Continue Rising Or Will It Face A Crash?
Bullish sentiment seems to be surrounding the ETC coin at present but that rather depends on how many buyers enter the market. If the situation prevails, the coin may easily rise to the $61 level but it can also lose its momentum if selling pressure dominates. All in all, it’s a finely balanced act.
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Gerald Fenech
