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Nick Leeson
Mar 7, 2020
by Nick Leeson

Ethereum Classic aka the original Ethereum shows potential 8 to 10% surge

Ethereum Classic
Ethereum Classic aka ETC is looking to surge higher in the next week or two but there are chances of downfall too. At the time of writing, Ethereum Classic was trading just above $8 and had a market cap of $952 million, a few million short of $1 billion.

The 24-hour trading volume for ETC was well above $1 billion. The price hasn't been choppy or filled with volatility, in fact, the coin has been seeing a surge in its price over the last week or so. However, in the last two days, the price has been moving sideways, devoid of any volatility.

This rise and the stagnation movement has caused the formation of a bullish pattern - ascending triangle. Hence, at press time, ETC is looking to surge 8.5% to 11.8% in the upcoming week, when it will break out of the pattern with an equally bearish scenario.

  • Ethereum Classic's trading volume has seen a considerable increase in the last few days and is currently at $1.6 billion.

  • Devoid of volatility, the price action has stagnated in the last day or two and hence formed a bullish pattern.

  • The breakout from the pattern indicates an equal bullish and bearish scenario but with a slight tilt towards the bulls.

    • 60 Minute Ethereum Classic Chart

    Source: Trading View.

    The ascending triangle pattern has a higher chance of bullish breakouts, however, the current scenario looks undecided since the wave trend indicator shows the price declining into the neutral zone.

    Even with the Chaikin Money Flow indicator, which shows the inflow/outflow of capital is indicating a decline to the neutral zone. Hence the breakout depends mainly on where the wave trend indicator will be during the breakout. If it is at the bottom, there is a higher chance of the breakout favouring bulls. This is what makes the current pattern ambiguous.

    Like before, if the wave trend indicator manages to bounce from the neutral zone, this would turn the situation bullish and into the hands of the buyers. Breakout at this point would take ETC to its first price target at $8.969 at 8% surge from $8.28 Unless a huge whale decides to join this surge, the price's next target would be $9.501.

    On the contrary, if wave trend's neutral zone fails, the downward movement will cause the price to reach the following targets, $7.855 at 5.5% price drop, $7.5 at 9.7% drop and $7.323 at 11.7% drop in price from $8.28.

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      Ethereum Classic aka the original Ethereum shows potential 8 to 10% surge
      Nick Leeson
      Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.

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