Since August, the price of Ethereum Classic has lost 50% of its value on the market. Comparatively, less volume has been applied to the downturn compared to the last bull run. If the bears target $17.82, the bullish argument can be disproven. The price of Ethereum Classic may increase. However, the validity of the upswing depends on the invalidation level.
Is Ethereum Classic useful ?
The price of Ethereum Classic (1) suggests that there may be a pump to new heights in the fall. Since the summer's $45. highs, the ETC price has decreased by 50%. The subsequent decrease has been accompanied by low volume, suggesting that the early summer upswing may resurface.
After a strong comeback following a sharp sell-off caused by the US-Consumer Pricing Index announcement, the price of Ethereum Classic is presently bidding at $23. Despite the present downturn, the surge has allowed the bulls to create a bullish hammer on longer time frames, which is another encouraging sign.
What can be expected next?
It is important to note that the Relative Strength Index (2) identified oversold levels on longer periods, which should cause overzealous bears to exercise caution. According to Elliott Wave's theory, the upward movement is still ongoing, and wave 5 with a target price of $60, may materialize.
However, a breach of wave one's initial resistance at $17.82 during the summer rally will be the first sign that an uptrend has failed. If they cross this level, the trend will be completely under the bears' grip. ETC price may drop below $14, representing a 40% drop from the current market value or as low as the summer lows.