The Ethereum Classic price is grappling for direction between the 100, and 200-day moving averages, which indicate a breakout is imminent. Ethereum Classic (ETC) has gained 20% in the last seven days, climbing above the significant 200 DMA at $52.70. However, the resistance of the 100 DMA at $55.32 is proving challenging. Often when the price is sandwiched between two key indicators, one will dominate and dictate the next direction.
The cryptocurrency market has shaken off the China regulatory fears of last week and is moving higher following the comforting words of Jerome Powell and Gary Gensler. Over the last few days, Fed Chair Powell and SEC head honcho Gensler have dismissed banning cryptocurrencies. Subsequently, Bitcoin (BTC) has recovered $50k and is working towards the 7th of September high at $52,780. However, Ethereum (ETH) has underperformed BTC, and typically, Ethereum Classic has underperformed ETH. Despite rallying from $44 to $54 this week, the Ethereum Classic price is 40% below the $77.37 high set early last month, which suggests either the price is about to play catch up, or in serious trouble.
ETC Price Forecast
The daily chart shows that since the 2nd of October, ETC has been trading sideways. The 200 DMA, at $52.70, is providing considerable support. However, the price is unable to clear the 100 DMA at $55.32 on a closing basis.
In simple terms, if the price closes below the 200 DMA, it should slide to last week’s low, around $44. Conversely, ETC clears the 200 DMA on a closing basis, it should extend to the 50 DMA at $58.40. Following that, the September high at $77.37 becomes achievable.
Ethreum Classic Price Chart (Daily)
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