Ethereum Classic has been a top performer with the third-highest gains in cryptocurrencies listed on CoinMarketCap. Several reasons indicate an uptrend that could take the prices close to the past 1 year’s high of $64.94 soon.
Technical Reasons for Ethereum Classic $45 Price Prediction
The analysis of the target of $45 is based on hourly charts. The technical indicators used are RSI, MACD, Volume, and Cup and Handle Chart Pattern.
The relative strength index is at a very comfortable high level of 57.37. Since this is a bear market, the levels are very close to a sweet range(60-80), which could help push prices even further.
In a bear market, the highest and the lowest RSI levels are taken from 60 to 40 respectively. An RSI score of 60 denotes that the market is strong, and an RSI of 40 denotes a weaker market.
MACD Figures denote that the Ethereum Classic is trading at higher prices than its long-term moving average. The trend line is below the MACD line, which indicates a positive price trend.
MACD is the Moving Average Convergence and Divergence indicator that signals the entering and exiting of a trade. The MACD line is obtained by subtracting the 26-period(here HOUR) EMA from the 12-period EMA. There is positive momentum if this resulting number is more than the 9-period EMA.
The trading volume is at a very favorable quantity. Over the past 24 hours, there has been a 14%+ increase in volume. This number indicates a greater number of active traders.
Cup and Handle Chart Pattern
In the hourly charts, there is a clear cup and handle chart pattern that can be seen even by novice traders.
This pattern has its target close to $45. Remember, $45 is the magical number that will make us rich. See the complete chart here at my Trading View account.
Ethereum Classic Price Prediction for $65
The reason for the $65 price prediction is that if the cryptocurrency reaches $45, it will cross the 61.8% Golden Fibonacci Retracement, pushing prices above $65 (a 1-year high price).
Read the complete analysis here:
I am a certified Research Analyst in Equities. My analysis is purely for educational purposes. Cryptocurrencies are volatile and involve significant risk. Kindly trade at your own risk and with the advice of a financial expert.