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Home»ALTCOIN NEWS»Ethereum Classic’s Short-Term Downturn: Will ETC Fall Further?
ALTCOIN NEWS

Ethereum Classic’s Short-Term Downturn: Will ETC Fall Further?

By Crypto FlexsOctober 10, 20243 Mins Read
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Ethereum Classic’s Short-Term Downturn: Will ETC Fall Further?
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  • ETC faces bearish risks amid signs of a short-term bubble.
  • ETC continues its struggle against Bitcoin.

Unlike Ethereum (ETH), which created a new version of the network, Ethereum Classic (ETC) has maintained its original blockchain history since the DAO hack.

At press time, ETC, priced at $18, is significantly behind Ethereum’s value of $2,300.

Recent analysis suggests that ETC’s near-term bubble risk has turned bearish, potentially leading to a continuation of the downtrend.

This negative outlook is supported by several indicators pointing to further declines. ETC has been in a continuous downward trend since peaking at $186 in April 2021.

Source: IntoTheCryptoverse

The value of ETC relative to Bitcoin (BTC), a representative cryptocurrency, is also showing a downward trend. This trend mirrors Ethereum’s performance and highlights BTC’s dominance across the market.

Cryptocurrency markets typically tend to make gains toward the end of the year, but ETC’s weak valuation suggests it may not follow this pattern.

Historically, Bitcoin’s strength has often influenced other cryptocurrencies, but ETC appears vulnerable to continued declines despite general optimism in the fourth quarter.

etc.etc.

Source: IntoTheCryptoverse

ETC was below the weekly MA, but the trend line was broken.

Additional signs of ETC’s weakness are evident in the moving averages. At press time, it was trading below all simple moving averages (SMAs), including the 8-day SMA, which indicates a bearish trend.

This downward movement highlighted the increased risk for traders holding Ethereum Classic or considering entering the market for potential Q4 gains.

For futures traders, selling ETC may be a viable option. Especially since trading below the moving average usually indicates a bearish trend direction.

Source: IntoTheCryptoverse

However, there is still a glimmer of hope for Ethereum Classic. Technical analysis of the ETC/USDT pair shows a recent breakout of the downward trend line that has been suppressing the price since May 2024.

A trendline break often signals a potential market reversal, and ETC breaking above $18 suggests a bottom is likely to have formed. If the price stays above this level, it could rise to $25, giving us a potential profit of over 40%.

etc.etc.

Source: TradingView

On the other hand, the downtrend could continue if ETC fails to hold the current support and falls below the key $18 level. If it falls below this critical level, prices are likely to fall further.


Read Ethereum Classic (ETC) price prediction for 2024-2025


Ethereum Classic faces significant bearish risk, but there remains potential for near-term upside if broader market conditions improve.

As always, the future of Ethereum Classic will largely depend on market dynamics and the performance of other major cryptocurrencies.

Next: Fed cuts alone are unlikely to cause Bitcoin to surge, expert predicts

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