Ethereum Classic / US Dollar Cryptocurrency Forecast
Ethereum Classic / US Dollar cryptocurrency upgraded to Sell Candidate.
(Updated on Jun 21, 2024)
The Ethereum Classic / US Dollar cryptocurrency price fell by -1.41% on the last day (Friday, 21st Jun 2024) from $24.07 to $23.73. During the last trading day the cryptocurrency fluctuated 4.21% from a day low at $23.15 to a day high of $24.12. The price has fallen in 6 of the last 10 days and is down by -7.74% for this period. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -31 million shares and in total, 120 million shares were bought and sold for approximately $2.84 billion.
The cryptocurrency lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $22.04 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the cryptocurrency is expected to fall -15.55% during the next 3 months and, with a 90% probability hold a price between $18.61 and $26.06 at the end of this 3-month period.
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ETCUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 3.49%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Ethereum Classic / US Dollar cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $24.27 and $27.99. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Ethereum Classic / US Dollar cryptocurrency
Ethereum Classic / US Dollar finds support from accumulated volume at $22.93 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.97 between high and low, or 4.21%. For the last week, the cryptocurrency has had daily average volatility of 7.42%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ETCUSD) For The Upcoming Trading Day Of Saturday 22nd
For the upcoming trading day on Saturday, 22nd we expect Ethereum Classic / US Dollar to open at $23.67, and during the day (based on 14 day Average True Range), to move between $22.29 and $25.17, which gives a possible trading interval of +/-$1.44 (+/-6.05%) up or down from last closing price. If Ethereum Classic / US Dollar takes out the full calculated possible swing range there will be an estimated 12.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $22.93 (3.37%) than the resistance at $25.83 (8.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ethereum Classic / US Dollar cryptocurrency A Buy?
Ethereum Classic / US Dollar holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this cryptocurrency. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.243 Sell Candidate Upgraded
Predicted Opening Price for Ethereum Classic / US Dollar of Saturday, June 22, 2024
| Fair opening price June 22, 2024 | Current price |
|---|---|
| $23.67 ( 0.261%) | $23.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ETCUSD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 24.64 | 3.84% |
| R2 | 24.27 | 2.28% |
| R1 | 24.04 | 1.31% |
| Price | 23.73 | |
| S1 | 23.30 | -1.83% |
| S2 | 23.07 | -2.80% |
| S3 | 22.69 | -4.37% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 29.09 | 22.59% |
| R2 | 27.23 | 14.73% |
| R1 | 25.83 | 8.85% |
| Price | 23.73 | |
| S1 | 22.93 | -3.37% |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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