Ethereum Classic Price Prediction for Today, February 6 – ETC Technical Analysis

The Ethereum Classic price prediction reveals that ETC is likely to head toward the upper boundary of the channel after a rapid retracement.

Ethereum Classic (ETC): Exploring Upside Potential

In anticipation of a potential Ethereum ETF in May 2024, Ethereum Classic (ETC) emerges as a compelling choice due to its potential for significant price movements. With a smaller market capitalization compared to Ethereum (ETH), Ethereum Classic (ETC) offers greater potential for gains. The current price of around $24.56 suggests the possibility of an upward trend continuation, supported by its resilience above the 38.20% Fibonacci level at $23.24.

Ethereum Classic Prediction Statistics Data:

• Ethereum Classic price now – $24.5
• Ethereum Classic market cap – $3.6 billion
• Ethereum Classic circulating supply – 145.4 million
• Ethereum Classic total supply – 210.7 million
• Ethereum Classic Coinmarketcap ranking – #28

ETC/USD Market

Key Levels:

Resistance levels: $30, $32, $34

Support levels: $19, $17, $15

ETC/USD is currently recovering above the opening price of $24.2 and it is likely to climb above $25 soon if the bulls increase the buying pressure. Meanwhile, the Ethereum Classic price is likely to cross above the 9-day and 21-day moving averages for bulls to dominate the market.

Ethereum Classic Price Prediction: ETC Could Hit $25 Level

The Ethereum Classic price may cross above the 9-day and 21-day moving averages to continue the bullish movement. However, if ETC/USD breaks toward the upper boundary of the channel, it could visit an important resistance at $26. However, a successful break above this level could open another increase above the $28 level. The price is likely to rise toward the $30, $32, and $34 resistance levels in the next positive direction.

Nevertheless, as the 9-day MA hovers above the 21-day MA, the market may soon break to the upside but sliding toward the lower boundary of the channel could touch the $22 support. The next major support is below the lower boundary of the channel, where the bulls are likely to take a strong stand but any further losses could lead the price to $19, $17, and $15 support levels.

ETC/BTC Consolidates Within the Channel

Against Bitcoin, the Ethereum Classic price is now hovering below the 9-day and 21-day moving averages, aiming to head toward the upper boundary of the channel. Meanwhile, the market price may remain below the moving averages if the bears increase the pressure but if the 9-day MA crosses above the 21-day MA, this could be a bullish movement confirmation.

However, if the price breaks toward the upper boundary of the channel, bulls might push the market back to the resistance level of 7500 SAT. Moreover, if the price stays above this level, traders may expect an immediate resistance at 7700 SAT and above. On the other hand, sliding below the lower boundary of the channel may locate the support level at 4100 SAT and below.

Nevertheless, while indicators suggest a promising future, @EtcHebeBlock, sharing insights with his 10k+ followers on X (formerly Twitter), remains optimistic about the coin’s potential for a 100x increase in Total Value Locked (TVL). Despite ETC’s current market capitalization of $3.6 billion, the TVL stands at $710,996, indicating significant room for growth.

The current market capitalization of ETC is $3.585 billion, but the TVL is $710,996.

We believe there is still a 100x potential for TVL growth.#ETCArmy #ETC $ETC #EthereumClassic pic.twitter.com/ychxGky1jK

— HebeSwap (@EtcHebeBlock) February 4, 2024

Ethereum Classic Alternatives

The Ethereum Classic (ETC) price is poised to surpass key moving averages, potentially facing resistance near $26. A breakthrough above this level could lead to further gains above $28. However, Ethereum Classic demonstrates market strength with a $3.6 billion market cap. Meanwhile, Bitcoin Minetrix ($BTCMTX) shows promising potential with a presale valuation of $10.3 million, indicating strong investor confidence in its future growth.

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