Ethereum Classic was touted as the new Dogecoin, given its meteoric rise from $5.94 on 1 January 2021 to $176.20 on 6 May. When the walls came crashing, nobody could predict the steepness of the drop on the ETC/USD pair. The pair is down 65% and the Ethereum Classic price prediction outlook does not look rosy.
The ETC/USD pair continues on a downward trajectory, with price contained within a descending channel. Bullish momentum is lacking as the $61.00 resistance has formed a solid barrier that has limited the bulls. With the price set to form an evening star pattern, all that could set off further downside on the pair could be a new round of selling. If a bearish outside day candle forms to take the closing price below the 13 June candle, we could see prices sliding further.
Ethereum Classic is trading 1.61% lower on a day of thin trading volumes in the crypto market.
Technical Levels to Watch
The Ethereum Classic price prediction outlook does not look good for the bulls. Price is trading within the descending channel and bullish momentum has faltered at the 61.00 psychological resistance. An extension of the pullback move following Tuesday’s rejection at this barrier could allow for a test of 49.36 (24 May and 8 June lows). A breakdown of this price level allows the 40.00 psychological support to come into play. The 26 April low at 28.30 is an additional target to the south.
Recovery of the pair can only follow a break of 61.00, which opens the door for the price to target the 69.72 resistance formed by the 61.8% Fibonacci retracement level. Above this price mark, additional upside targets are found at 80.21 (27 May high), 90.18 (50% Fibo retracement), and 100.00.