Ethereum Classic down nearly 6% as sellers test lower boundaries: weekly analysis

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Ethereum Classic slips 5.67% this week

Highlights

Ethereum Classic trades at $8.48 after a 5.67% decline over the past week, maintaining a bullish long-term structure.
MACD indicates strong buy momentum while the CCI is in the oversold zone, signaling exhausted selling pressure with recent price weakness.
Price is expected to range between $7.802687 and $9.62 with key support at $8.219 and resistance at $8.755.

Buoyant MACD and oversold CCI shape technical boundaries over the week

The daily chart shows a sustained move lower with a firm trend, underscored by 16.56% volatility over the past week. The MACD signals a strong buy, while the CCI is in the oversold zone at -105.485232, highlighting a mix of bullish momentum and exhausted selling pressure. Nearest support stands at $8.219, with resistance at $8.755 from the Ichimoku Kijun, suggesting that price action is set to respect these boundaries in the near term.

Directional outlook favors rebound if resistance breaks in the coming week

In the week ahead, the expected range is $7.802687 to $9.62, with a 67% probability of an increase versus a 33% probability of a decrease. The base case is continued trading between $8.219 and $8.755, with a break above resistance opening potential for a move toward $9.62. Conversely, a drop below $8.219 support could see a test of the lower bound near $7.802687.

Anton Kharitonov, expert at Traders Union, notes that Ethereum Classic (ETC) continued its decline this week, dropping almost 6% toward the $8.50 area. He highlights the persistent negative trend on the daily chart, while noting that some technical indicators signal selling exhaustion. The oversold CCI at -105.485232 and a strong buy reading from MACD suggest a potential for short-term stabilization if support holds. Kharitonov sees the base case for ETC as continued range trading between $8.219 support and $8.755 resistance, with the broader outlook constrained by firm boundaries. A move above $8.755 could push towards $9.62, but a break below $8.219 risks extension to $7.802687. "Until Ethereum Classic clearly breaks above daily resistance, I remain cautious about any upside potential this week."

In a recent review, analysts highlighted Ethereum Classic's underlying bullish bias despite evidence of short-term exhaustion and modest participation. The latest technical signals reinforce this view by suggesting that, while downside risk remains, a reversal could develop if the $8.219 support level holds in the days ahead.

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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