Ethereum Classic Price Trends Post-Merge: Will ETC Retrace to $39?
ETC Price Trends Post-Merge
Ethereum Classic (ETC) has experienced a significant decline since the Ethereum Merge on September 15, dropping 43% to approximately $22.7. Despite the broader "Uptober Wave," ETC has struggled to gain momentum, trading in a lower price range.
Technical Analysis and Forecast
The 1-day trading chart reveals frequent downward swings, with notable dips on September 18 and October 10, pushing ETC below $22. The 51-day EMA suggests potential turbulence; if ETC's price touches this line, it could signal an uptrend or continued decline. Historically, ETC's price has been volatile, dropping over 60% since October 2021, with a peak of $45.6 in August 2022.
For ETC to rebound, it must overcome the $27 support zone, which could pave the way for a rise to $39. However, the 4-hour chart indicates challenges, with the EMA line potentially causing further price swings.
Conclusion
ETC's post-Merge performance has been underwhelming, with significant price drops. While there's potential for recovery, technical indicators suggest ongoing volatility. Investors should conduct thorough research before making decisions, as the cryptocurrency market remains unpredictable.
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