Ethereum Classic May Hit $8 Near-term As Cryptocurrency Market Recovers And ETC Records Gains

Ethereum Classic prediction, just like other cryptocurrencies in the market, has been bullish since the beginning of the year. During the last seven days, however, the entire cryptocurrency market started recording loses against the USD. This weekend, the loses intensified against the USD. Altcoins fell more significantly while Bitcoin was able to retain most of its gains. Since yesterday, the prices have been recovering. In fact, the entire market is bullish against the USD thanks to Bitcoin for hitting the $5600 mark. While the Ethereum price prediction for the year is still bullish, the Ethereum Classic to Bitcoin trading pair is bearish. Notwithstanding, the price of Ethereum Classic will move higher if it is able to break the resistance at $8.

Ethereum Classic Prediction – Ethereum Classic Price Prediction – Ethereum Classic News Today

According to the Ethereum Classic technical analysis on Bitcoin Exchange Guide, the current resistance levels for the Ethereum Classic to USD pair are $7, $7.50, $8. The demand or support levels are $4, $4.5, $5. The price of Ethereum Classic is still range bound between $6 and $6.5. On the 21st of April, the price of Ethereum Classic fell briefly below the $6 level. However, it recovered above this level on Monday. This was after it hovered below the 50-day for hours between the range of $5.50 and $6. As the Ethereum Classic price improved, the 50-day simple moving average moved above the Bollinger Middle Band. The stochastic oscillator is moving slowly from the north-east to the north. It is below the 60 range.

The price of Ethereum Classic is currently moving within the $6.20 to $5.80 range as it has since the beginning of trading today. Yesterday, when the bullish pressure started, the price of Ethereum Classic was able to rally as high as $6.20 before it started moving lower. Traders have been encouraged to wait until the price action is more concrete to make long trades.

Ethereum Classic Prediction – Ethereum Classic News Today – Current Price Of Ethereum Classic

At the time of writing, the Ethereum Classic price was $6.07. This means that it is up by 2.61% against the USD and down by 2.29% against the price of BTC. The trading volume over a 24 hour period is $414,620,025 and the market capitalization is $666,980,678. If the price continues to rise against the USD, it will most likely break the resistance at $7 before another correction kicks in. In the next three to four bullish sections, the price of Ethereum Classic may hit the $8 level.

This may not be the best time to sell as more gains may be on the way soon. Short-term traders should sell when the price of Ethereum Classic gets to the $7 – $8 level while long-term traders should sit back and enjoy the show. Don’t forget that this Ethereum Classic price prediction is not guaranteed. The cryptocurrency market is volatile and difficult to predict. No one can determine the price prediction with a 100% guarantee. So, you need to trade carefully.

What do you think about the Ethereum Classic prediction in the Ethereum Classic news today? Share your thoughts in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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