April 2019 will always be remembered as the month where a bull rally took everyone by surprise. Crypto analysts and traders hope that this bull market will continue into May. May has come with its own crypto price fluctuations. Despite the recent uneven price movements and partial crypto bull runs observed in the crypto space, the top dog of them all Bitcoin has started the month brightly. Others, including the likes of Ethereum, EOS and Tron have all recorded minor gains. But that is not the case when it comes to the price of Ethereum Classic.
For our Ethereum Classic price forecast, on the downside, the price of Ethereum Classic is reportedly set to drop from the EMAs if the bulls fail to break above the $6.50 resistance position.
Ethereum Classic Price Prediction: The Price of Ethereum Classic at $5.91 Signaling a 2.21% Drop in the Last 24 Hours
The Ethereum Classic USD live price today is $5.91. This price actually indicates a 2.21% drop in the price of Ethereum Classic in only 24 hours. The price Ethereum Classic started the day above both EMAs. However, there is the tendency that the crypto price will retest the $8.00 region which is a resistance level although it may face resistance at $6.50 trying to achieve that.
Ethereum Classic Price Prediction: The Price of Ethereum Classic is Range Bound in the Long-term Trend
The ETC/USD pair initially began last month in a bullish trendline. As of April 7, the bulls reportedly reached a new high of $8. This bullish position was resisted. Eventually, the price of Ethereum Classic fell. The bears went on to break below both the 12 and the 26-day EMAs to reach a bearish pattern. The price of Ethereum Classic also fell to a new low of $5.40 since the initial bullish movement. This position now saw the reactivation of a bullish trend. By April 26, the price of the cryptocurrency began to make a series of higher highs and lows.
Ethereum Classic Price Prediction: The Price of Ethereum Classic to Reach Previous High if $6.50 Isn’t Broken
The price of Ethereum Classic is currently above the EMAs. While this is in place there is every tendency for the price of the digital asset to retest $8.00 which is reportedly a resistance position. Although, prices may face resistance at $6.50 before retesting $8.00. Looking at the upside, should the bulls break $6.50 which is a resistance area, the price of Ethereum Classic will go on to reach its previous high.
Looking at the downside, the price of Ethereum Classic will fall to support of both EMAs, in the event that the bulls don’t break $6.50. $6.50 is a resistance level. Per the charts, the stochastic is in overbought territory but above 60% which indicates that the price of Ethereum Classic is showing bullish momentum as well as a buy signal.
According to data given by CoinMarketCap, the price of Ethereum Classic was at $5.9 with a total market cap of $650,382,459. Ethereum Classic has a 24-hour trading volume of $446,611,194 as of press time with a circulating supply of 110,201,251 ETC. Investors may have to hold their ETC until there’s a serious break upwards. Hence, the price of Ethereum Classic is bullish in the long-term but bearish in the short term.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.