- Ethereum Classic is estimated to reach a maximum of $26.99 by the end of 2023
- ETC crypto price could surpass the $150 mark by 2030
Bitcoin has resurged in recent weeks and this bounceback has also stimulated growth potential in altcoins like Ethereum Classic. Market sentiments have also taken a turnaround as the ETC price is recovering gradually and is expected to benefit from this new bullish trend.
Observing The Current State Of Ethereum Classic
As of now, Ethereum Classic has struggled to manage its bull run while striving to exceed the 50-day EMA. The price dynamic for ETA reversed from the $14.5 support level. Ethereum Classic experienced significant buying pressure at $14.75 and it was somehow able to pull itself up, surpassing its secondary resistance trendline. This bullish trend can inspire the rise of a new upswing, which can confront the overhead resistance formidably.
The current stance of ETC is at $15.63 at the time of this writing. Even after a bit of a see-and-saw scenario, Ethereum Classic still possessed resilience, which was further stimulated by the effect of Bitcoin’s recent escalation.
The RSI (Relative Strength Index) indicator suggested an upward movement considering the bullish divergence in Ethereum Classic. Its intersection with the double-bottom formation has accelerated this bullish sentiment in the market. The MACD indicator (moving average convergence divergence) also suggested a similar narrative.
Where Will Ethereum Classic Be By The End Of 2023?
The recent surpass of the short-term resistance trendline has provided a conducive environment for the ETC to blossom up again. This bullish sentiment might surge the coin towards the desired $19 mark, which is roughly a decent 22% escalation.
However, unforeseen circumstances in this crypto world can always go against the tide and destroy the party for upswinging, ETC. It has been asserted by experts that if ETC fails to sustain and maintain its momentum and resist going down to the coveted $14.75 mark, it could experience a downfall with its future stance at $12.5.
Even though ETC’s momentum hasn’t happened at an exponential pace, it has still shown resilience and unwavering potential to sustain itself at the $14.75 support level. This consistency and perseverance have been extremely crucial, as Ethereum Classic has used its sustenance for a rebound on multiple occasions.
The recent rebound suggests a credible double-bottom reversal rally, which could drive a formidable bullish trend soon. Also, in hindsight, the lower-level buyers are still buying the dumped ETCs present in the market over the past year.
Conclusion
The escalation in the price of Ethereum Classic could surely trigger a new bull run by the end of the year 2023. It has been estimated that the price could reach a new all-time high of $27.26 in 2023. However, under unforeseen scenarios, one might as well see a predicament fall to as low as $12.65 with an average price of $19.96.
