Ethereum Classic (ETC): Strong resistance and support nearing

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Ethereum Classic (ETC) has fallen nearly 10% in the past twenty-four hours as the crypto market dipped. At the time of writing, Ethereum Classic (ETC) stands at a price level of $90. In the twenty-four timeframe, the price of the cryptocurrency dipped as low as $81 while the daily high was at $103. The daily trading volume of the hard fork has also declined by nearly 7%. The hard fork of Ethereum had been rising in par with the queen of the market but it was not immune to the cryptocurrency market crash.

Ethereum Classic (ETC) Technical Analysis

Even though the cryptocurrency has fallen, the technique for the Ethereum Classic is still bullish. Out of the twenty-six technical indicators, eleven are giving out a signal of buy while ten are standing at a neutral position and five are giving out a sell indication.

Ethereum Classic (ETC) Technical Analysis
Ethereum Classic (ETC) Technical Analysis

A trader had identified ETC coin on an upward trend earlier; however, amidst the market dip, the cryptocurrency failed to uphold its upward trajectory. Now, as ETC coin is moving lowers it is crucial to identify strong support levels. The trader has identified the price level at $80 as strong support for ETC. The price of Ethereum Classic has had pullbacks from $80 in the past twenty-four hours. The hard fork is moving upwards amidst pullbacks with the $91 level as strong resistance. Once the resistance level is broken, it will be established as another strong support level.

Ethereum Classic (ETC) price prediction

Even though the current market corrections are brutal, it is highly likely that ETC coin will not reverse the gains it has had in the bull run of 2021 in the longer timeframe. The coin is expected to eventually resume its upward trend with most price predictions still bullish. Wallet Investor places the cryptocurrency at a price level of $129 after a year’s time while the five-year price prediction is at $174. Digital Coin Price is more bullish on ETC coin in the long-term window. Their projections predict ETC coin will have a price of $138 by the end of 2021 while the five-year price will be at $402.

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