Ethereum Classic weekly forecast: Bull/Bear Power highlights overbought risk amid strong advance

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Ethereum Classic advances 10.85% this week

Highlights

Ethereum Classic gained 10.85% over the past week to $8.5, moving well above key moving averages.
Current price action shows a firm upward trend, but several momentum indicators now give overbought signals.
Expected range for the coming week is $7.595153 to $9.404846, with major support at $8.06 and resistance at $8.79.

Overbought signals intensify as trend firms amid heightened volatility

On the daily chart, Ethereum Classic shows a sustained move higher with a firm trend, as confirmed by a strong ADX reading at 31.37 and an overbought signal from the CCI at 156.27. However, there is some divergence in momentum signals, as Bull/Bear Power points to an overbought condition while the HMA has shifted to a sell reading. The nearest support sits at $8.06 (Ichimoku Kijun), and resistance is marked at $8.79, the weekly high. Elevated volatility at 24.15% underlines the strength and sharpness of the current upswing.

Further gains favored in the week ahead barring a support break

In the week ahead, Ethereum Classic is expected to trade between $7.595153 and $9.404846. There is a very high probability of further gains and a very low probability of a downside reversal. The base case calls for consolidation just below the $8.79 resistance, with a sustained breakout above this level opening a path to the upper end of the range. Should price slip below support at $8.06, a deeper retracement back toward $7.60 is likely.

Anton Kharitonov, expert at Traders Union, notes that Ethereum Classic has gained over 10% this week, approaching $8.5 as the recovery trend persists. He observes that technical signals show a strong daily uptrend, as indicated by an ADX of 31.37, while the CCI at 156.27 and Bull/Bear Power both warn of overbought conditions. The analyst points out that the HMA now reads sell, which signals possible exhaustion despite the prevailing upside. Elevated volatility at 24.15% underlines the sharpness of the move, making the nearest support at $8.06 and resistance at $8.79 key for the week ahead. Kharitonov believes that there is a high probability of consolidation or even a breakout towards $9.404846, but remains cautious if support at $8.06 fails. "Until Ethereum Classic breaks above $8.79 with strong confirmation, I remain defensive and see risk of a pullback if $8.06 does not hold."

Earlier, analysts noted that Ethereum Classic was exhibiting persistent bullish momentum supported by a broad alignment of technical indicators. The latest analysis adds nuance by highlighting elevated volatility and stretched momentum, making potential reactions to the $8.06 support and $8.79 resistance especially important for traders monitoring near-term price action.

Source of Data: ETC Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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