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Ethereum Classic rose 4% on Wednesday.
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The cryptocurrency remains trapped by a descending trendline.
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ETC could fall to the July lows as technical indicators sound bearish.
Ethereum Classic (ETC/USD) recovered 4% on Wednesday and was among a handful of cryptocurrencies in the green. Leading tokens, Bitcoin and Ethereum, were mildly bullish at 0.19% and 0.04%, respectively.
Ethereum Classic price has been on a roller coaster for a while. It should be remembered that the cryptocurrency found a high of $45 in August, nearly four times the price from a low of $13 in July. The gains were fueled by the expectations that the Ethereum merge would attract miners to the Proof of Work blockchain. Investors traded the speculation, and when Ethereum shifted to Proof of Stake, ETC fans vanished. The cryptocurrency is now close to the July lows and traded at $16.35 at press time.
There is nothing wrong with Ethereum Classic, though, since it is reeling from the same bear market, affecting peers. If intending to trade the cryptocurrency, it is worth checking the technical levels to see the demand zones. At the moment, we are not there yet.
ETC still trapped by a descending trendline as price eyes July lows
A technical outlook shows that ETC is bearish. The MACD indicator has never moved above the neutral zone since falling into bear territory in mid-September. The cryptocurrency trades along a bearish trendline. There is a clear system of lower highs and lower highs to underline a bear market for ETC.
What could happen next for Ethereum Classic?
Bulls generated some strengths as ETC price touched $15. We expect the price to continue surging toward a resistance at $18 or the descending trendline in the short term. Bulls will have to successfully battle and win at this level for ETC to become bullish.
In the more likely bear scenario, ETC sellers will take control at the resistance or the descending trendline. That will see the cryptocurrency trade along the bearish trendline and touch the July lows of $13.
Where to buy ETC
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Buy ETC with eToro today
Disclaimer
OKX
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients' funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
Buy ETC with OKX today
Disclaimer
The post Ethereum Classic prediction as the price recovers 4% in a bear market appeared first on CoinJournal.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.