Ethereum Classic Price Prediction for Today, May 9: ETC/USD Hits $19.3; Price Sets to Rebound

Updated: 19 May 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The Ethereum Classic price prediction reveals that ETC is likely to trade above $20 after a significant dip toward $16.

Ethereum Classic Prediction Statistics Data:

Ethereum Classic price now – $18.8
Ethereum Classic market cap – $2.6 billion
Ethereum Classic circulating supply – 140.8 million
Ethereum Classic total supply – 210.7 million
Ethereum Classic Coinmarketcap ranking – #25

ETC/USD Market

Key Levels:

Resistance levels: $23.0, $25.0, $27.0

Support levels: $15.0, $13.0, $11.0

ETC/USD is trading at $18.8 where the coin is likely to move sideways, but the technical indicator Relative Strength Index (14) shows that the bullish movement may be coming close as the signal line moves to cross above the 40-level. However, the 9-day and 21-day moving averages indicate that bears are still having the ability to control the market as the 9-day MA remains below the 21-day MA.

Ethereum Classic Price Prediction: ETC/USD Could Spike to the Upside

As the Ethereum Classic price keeps hovering below the 9-day and 21-day moving averages, the coin is likely to embark on a movement toward the upside. However, a sustainable move from the current level may improve the bullish movement and allow for an extended recovery toward the resistance level of $21.0. However, if the coin stays above this level, it could negate the bearish scenario and bring the nearest resistance of $23.0, $25.0, and $27.0 levels into play.

Nevertheless, the technical indicator Relative Strength Index (14) on the daily chart may move out of the negative side, but any bearish movement to the south could worsen the technical picture and lay the ground for the further sell-off below the lower boundary of the channel which could locate the supports at $15.0, $13.0, and $11.0 respectively.

Against Bitcoin, ETC/BTC is crossing above the upper boundary of the channel as the bulls step into the market. However, the coin is trading at 680 SAT but, if the market drops and heads toward the lower boundary of the channel, the next key support may come at 550 SAT and below.

On the upside, if the coin crosses above the channel, the resistance level of 800 SAT and above could be visited. Meanwhile, the technical indicator Relative Strength Index (14) is moving to cross above the 50-level, suggesting bullish movement.

Alternatives to Ethereum Classic

The Ethereum Classic price may cross above the 9-day and 21-day moving averages. However, if ETC/USD breaks toward the upper boundary of the channel, it could visit an important resistance at $21.0. However, a successful break above this level could open another increase above the $22.0 level. Meanwhile, as memes accumulate more votes, they stand a chance of appearing on the AiDoge public wallet. In turn, this increases the odds of the meme going viral. Not only that, but users with memes appearing on the public wall will earn free crypto rewards, introducing a ‘meme to earn’ mechanic. Therefore, the presale is still ongoing, almost $6m has been raised so far.

CoinCodex - Our Recommended Crypto Research Platform

Our Rating