Ethereum Classic (ETC) Price Prediction 2023 — Will ETC Hit $50 Soon?
- Bullish ETC price prediction for 2023 is $26.23 to $37.22.
- Ethereum Classic (ETC) price might reach $50 soon.
- Bearish ETC price prediction for 2023 is $12.90.
In Ethereum Classic (ETC) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about ETC to analyze the future movement of the cryptocurrency.
Ethereum Classic (ETC) Current Market Status
| Current Price | $18.67 |
| 24 – hour trading volume | $92,509,403 |
| 24 – hour price change | 1.25% down |
| Circulating supply | 140,872,677.85 ETC |
| All – Time High | $176.16 (On May 06, 2021) |
What is Ethereum Classic (ETC)?
Ethereum Classic (ETC) is the native cryptocurrency that exists on the Ethereum Classic blockchain. Ethereum Classic is an open-source smart contracts-based platform that holds onto the original Ethereum blockchain. This sister chain of Ethereum was launched as a result of a controversial hard fork of Ethereum in July 2016.
Ethereum Classic secures its blockchain by the proof-of-work (PoW) consensus mechanism. It is merely the continuation of the pioneer Ethereum Chain. It allows developers and users to create dApps through lucrative smart contracts.
Ethereum Classic (ETC) Price Prediction 2023
thereum Classic (ETC) ranks 25th on CoinMarketCap in terms of its market capitalization. The overview of the Ethereum Classic price prediction for 2023 is explained below with a daily time frame.
ETC/USDT Ascending Triangle Pattern (Source: TradingView)
In the above chart, Ethereum Classic (ETC) laid out a ascending triangle Pattern. The ascending triangle is a characteristic pattern of an ongoing bullish trend. This triangle is formed by a horizontal upper trendline that connects the highs and a lower trendline that connects the rising lows. If the trend breakout at the resistance level, the price will continue to move up in this ascending triangle pattern.
At the time of analysis, the price of Ethereum Classic (ETC) was recorded at $18.67. If the pattern trend continues, then the price of ETC might reach the resistance levels of $23.14, and $35.41. If the trend reverses, then the price of ETC may fall to the support of $17.91, & $14.94.
Ethereum Classic (ETC) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Ethereum Classic (ETC) in 2023.
ETC/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Ethereum Classic (ETC) for 2023.
| Resistance Level 1 | $26.33 |
| Resistance Level 2 | $37.22 |
| Support Level 1 | $18.16 |
| Support Level 2 | $12.90 |
The charts show that Ethereum Classic (ETC) has performed a bullish trend over the past month. If this trend continues, ETC might run along with the bulls overtaking its resistance level at $37.22.
Accordingly, if the investors turn against crypto, the price of Ethereum Classic (ETC) might plummet to almost $12.90, a bearish signal.
Ethereum Classic (ETC) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Ethereum Classic (ETC) are shown in the chart below.
ETC/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Ethereum Classic (ETC) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the ETC price lies below 50 MA (short-term), indicating its downtrend. Hence, ETC is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of ETC is at 39.68. Therefore, this indicates ETC is nearly in an oversold state. Also, this confirms that ETC sends out a buy signal.
Ethereum Classic (ETC) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Ethereum Classic (ETC) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
ETC/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of ETC lies in the range of 31.82 pointing out a strong trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of ETC lies below 50, indicating low volatility.
Comparison of ETC with BTC, ETH
Let us now compare the price movements of Ethereum Classic (ETC) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs ETC Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of ETC is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of ETC also increases or decreases respectively.
Ethereum Classic (ETC) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Ethereum Classic (ETC) between 2024 and 2030.
Ethereum Classic (ETC) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Ethereum Classic (ETC) might successfully test and surpass its resistance levels to hit $55 by 2024.
Ethereum Classic (ETC) Price Prediction 2025
The significant upgrades in the Ethereum Classic ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Ethereum Classic (ETC) price to reach $60 by 2025.
Ethereum Classic (ETC) Price Prediction 2026
If Ethereum Classic (ETC) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $65.
Ethereum Classic (ETC) Price Prediction 2027
If Ethereum Classic (ETC) sustains major resistance levels and stands as a better investment option in the market, then ETC would rally to hit $69.
Ethereum Classic (ETC) Price Prediction 2028
If Ethereum Classic (ETC) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then ETC would hit $75 by 2028.
Ethereum Classic (ETC) Price Prediction 2029
If investors flock in and continue to place their bets on Ethereum Classic (ETC), then the crypto would witness major spikes. Hence, ETC might hit $77 by 2029.
Ethereum Classic (ETC) Price Prediction 2030
By 2030, the ETC price might rally to $80 if the trend momentum aligns in favor of Ethereum Classic. Furthermore, ETC would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Ethereum Classic (ETC) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Ethereum Classic (ETC) price prediction for 2023 is $26.23. Comparatively, the bearish Ethereum Classic (ETC) price prediction for 2023 is $12.90.
If there is a positive elevation in the market momentum and investors’ sentiment, then Ethereum Classic (ETC) might hit $50. Furthermore, with future upgrades and advancements in the Ethereum Classic ecosystem, ETC might surpass its current all-time high (ATH) of $176.16 and mark its new ATH.
FAQ
1. What is Ethereum Classic (ETC)?
Ethereum Classic (ETC) is the native cryptocurrency that exists on the Ethereum Classic blockchain.
2. Where can you buy Ethereum Classic (ETC)?
Traders can trade Ethereum Classic (ETC) on the following cryptocurrency exchanges such as Binance, OKEx and Huobi Global.
3. Will Ethereum Classic (ETC) record a new ATH soon?
With the ongoing developments and upgrades within the Ethereum Classic platform, Ethereum Classic (ETC) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Ethereum Classic (ETC)?
Ethereum Classic (ETC) hit its current all-time high (ATH) of $176.16 on May 06, 2021.
5. What is the lowest price of Ethereum Classic (ETC)?
According to CoinMarketCap, ETC hit its all-time low (ATL) of $0.4524 on July 25, 2016.
6. Will Ethereum Classic (ETC) hit $50?
If Ethereum Classic (ETC) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $50 soon.
7. What will be the Ethereum Classic (ETC) price by 2024?
Ethereum Classic (ETC) price might reach $55 by 2024.
8. What will be the Ethereum Classic (ETC) price by 2025?
Ethereum Classic (ETC) price might reach $60 by 2025.
9. What will be the Ethereum Classic (ETC) price by 2026?
Ethereum Classic (ETC) price might reach $65 by 2026.
10. What will be the Ethereum Classic (ETC) price by 2027?
Ethereum Classic (ETC) price might reach $69 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/ethereum-classic-etc-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
