Although Ethereum Classic (ETC) has maintained a decent ROI of 6% so far in October, the majority of altcoins have managed to surpass the world’s 29th largest currency. The ETC price activity in September was mostly due to a twofold surge and a series of flash collapses, as shown in the chart.
Despite a minor recovery in the first week of October, the ETC’s near-term prognosis has been tainted by the decreasing falling triangle. The cryptocurrency was trading at $57.08 USD at the time of writing, up +8.60% in the previous 24 hours.
Ethereum Classic Price Chart – Tradingview
A triangle sequence of drops in the 4-hour ETC objective is indicated by a continuous decline of around $54.4 USD paired with a low gain over the past week. The 200-SMA (green) was postponing the fifth attack on the bottom line at the time of writing, but he anticipates the base to be tried once more when the bears discuss the long-term moving line.
If the bulls fail to meet the trade pressure of over $60 USD, the ETC may see a pattern downturn and an over 10 percent price drop. Buyers may be able to find support at $55 USD.
ETC seeks to jump 11 percent off the rest region, based on the set’s ups and downs. Bulls will be able to hunt harder for other prices if they close above $ 60.6 million on strong pricing.
To be more particular about the exit, market observers should keep a check on the ETC RSI. In the event of a falling below 35-support, RSI, which has also traded within the descending triangle, might be in line with the negative effect.
Bulls, on the other hand, should expect the RSI to stay within the pattern and reach a value of 50-55. Meanwhile, the MACD stayed neutral, while the Awesome Oscillator showed a minor bullish divergence.
The bullish and bearish effects on the ETC are fairly evenly distributed. The ETC will be vulnerable to a 10 percent drop if bears begin to close below $55 USD or the RSI falls below 35.
Bulls, on the other hand, will prepare to protect themselves against yet another huge attack, which may force them to act to their advantage and the price pump can be assumed somewhere not less than $70 USD in upcoming days.