Miners' interest in Ethereum Classic is increasing as the native Ethereum blockchain started moving from a proof of work system to a proof of stake, which will remove miners’ incentive from the system. The merging process does not apply to the Ethereum Classic token (ETC), which is not a changing system. According to crypto analysts from Messari, Ethereum Classic has long-term viability than the Ethereum blockchain, where the upside possibility in ETC is higher after the merge.
Ethereum merging will force miners to sell their mining equipment and switch to Ethereum Classic, which approximately offers 2% GPU mining revenue. Last week, ETC showed a 30% price surge after getting a $10 million investment from AntPool.
Let’s see the future Ethereum Classic Forecast from the Ethereum Classic (ETC) Price Prediction:
ETC Buying Pressure Is Backed By A Strong Volume
Like other cryptocurrencies, Ethereum Classic (ETC) lost most of its value since the latest crypto market crash, where Ethereum Classic price today trades with a 76% loss from the April 2022 swing high. However, crypto traders are comfortable in massive ups and downs where a minor correction from a lower price is enough to make 2X or 3X of the investment.
For ETCUSD, the current market condition shows a sign of a trend reversal where the daily price rebounded higher from the 12.52 bottom with a counter-impulsive momentum. As a result, 100-day MA and 20-day MA moved below the daily price, where 20 EMA is working as immediate dynamic support.
The intense buying pressure is also visible from the RSI indicator, where the current value hovers at the 70% level. Moreover, the latest daily bullish candle overcame the most substantial volume level of 36.80 from the last 1-year duration.
Based on the daily ETC coin price prediction, the upside possibility is solid in this pair as the price trades above the 32.07 key support level. In that case, the primary price projection is to expect buying pressure toward the 52.71 resistance level, in the coming days. However, the broader market is still unsupportive to bulls, where a rebound with a daily close below the 30.00 level could extend the existing trend towards the 12.52 level.
ETCUSD Ichimoku Cloud Analysis
According to the H4 Ichimoku Cloud, ETCUSD trades above the cloud area where upside possibility is solid with an impulsive buying pressure. The latest price made a swing high at 45.29 level before reaching the cloud support from where another buying order is building. Although the future cloud shifted its direction, the lagging span remained positive for bulls.
The indicator window shows that the TDI line is above the 50% level, indicating that bulls are in control. Moreover, dynamic Tenkan Sen and Kijun Sen are below the current price, working as dynamic support levels.
Based on the H4 Ethereum Classic Price Prediction, the buying possibility in this pair is potent from the 39.00 to 36.60 zone, where any bullish rejection could raise the price towards the 52.71 key resistance level. On the other hand, the alternative approach is to wait for the price to break below the 36.00 level, from where a bearish pressure may come towards the 21.00 support level.
ETCUSD Intraday Price Action Analysis
According to the H4 price action analysis, ETCUSD trades within a strong bullish trend where the recent buying pressure from the 34.14 support level is solid. Moreover, the dynamic 20-hour EMA and weekly VWAP work as minor support. In that case, any buying pressure from the dynamic support level could open a bullish opportunity toward the 52.71 support level.
Based on the recent intraday high volume levels, the current price is trading within a correction after a strong bullish trend where the latest intraday high volume level is 38.84. In that case, any bullish H4 close above the 38.84 resistance will likely extend the market momentum towards the 52.71 level.
In the H4 price action, the MACD supports bulls where the histogram makes new highs above the neutral level. In that case, any bullish pressure from dynamic weekly VWAP could increase the price in the coming days. On the contrary, sellers’ should find the price below the 34.00 immediate support level from where the price may consolidate before showing another buying signal.
Is Ethereum Classic (ETC) A Sell?
According to the ETC Forecast, the buying pressure is potent, although the broader market trend is bearish. In that case, any strong bullish rejection from H4 intraday support areas could open a decent long opportunity where the ultimate target is the 52.71 level.