- Ethereum Classic price has lost 50% of its market value since August
- The decline has come under relatively less volume than the previous bullrun.
- Invalidation of the bullish thesis can occur if the bears tag $17.82.
Ethereum Classic could rally higher. Still, the invalidation level is vital for the health of the uptrend.
Ethereum Classic has potential
Ethereum Classic price shows the possibility for a pump to new heights in Autumn. ETC price has fallen 50% since the summer highs at $45. Subsequently, the decline has come under low volume, hinting that the uptrend, which started early summer, could one day resume.
Ethereum Classic price currently auctions at $23 after an impressive rally after the US-Consumer Pricing Index release triggered a sudden sell-off. The rally has enabled the bulls to establish a bullish hammer on larger time frames, which is an additional optimistic gesture amidst the current decline.
ETC/USDT 2-Day Chart
It is worth noting that the Relative Strength Index tagged oversold levels on larger time frames, which should warrant caution for overly ambitious bears. Based on Elliott Wave theory, the uptrend move is still intact, and a wave 5 targeting $60 could occur.
However, the earliest evidence of uptrend failure will be a breach of the initial wave one within the summertime rally at $17.82. If the bears breach this level, they will signal full control of the trend. ETC price could fall as low as the summer lows at $14, resulting in a 40% decrease from the current market value.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Ethereum Classic price.