ETC on Tight Range After ETH Merge; Will It Retrace to $39?

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• The price of Ethereum Classic has been downsizing after the Merge.
• ETC declined by 43% since the merge day on September 15.
• At press time, the coin was trading at $22.7.

Contrary to the “Uptober Wave”, Ethereum Classic (ETC) has been trading at a lower zone after the ETH PoS Merge day on September 15. On this date, ETC signaled around $39, but, in the following days, the coin was trading in a tight range. However, the coin also signaled red on the day, expectedly due to investors’ belief that the Merge would not reflect a better result on the ETH platform.

As of this writing, ETC showed a 0.83% dip in the past 24 hours and trades at $22.7.

ETC/USDT- 1-Day Trading Chart (Source: TradingView)

In the 1-day trading chart, ETC evidently drew the lines of frequent downswings since the Merge day. Also, there were several other key dips on September 18, and October 10, making it reach even below $22. The 51-day EMA depicts that if ETC’s current green candle touches the EMA line, investors can expect a further uptrend or downtrend.

Moreover, it is evident that ETC may look for a similar pattern it displayed during the September 15-October 9 trading period. If this happens, the prediction can be dicey because the previous trading pattern showed no good hikes for ETC.

Notably, when comparing to last October 2021, ETC has nosedived by more than 60%, marking the least price fall on June 18, 2022. Following the crypto market crash in May 2022, ETC rose to an all-time high of $45.6 on August 13. However, the coin could not bounce back to this price range until now.

Additionally, ETC should overtake the support zone near $27, as the next step for a potential hike to $39.

ETC/USDT- 4-Hour Trading Chart (TradingView)

In the 4-hour trading pattern, the 51-day EMA signifies a challenging point for ETC. Although the candle in the 4-hour pattern reflects red, the EMA line could create turbulence for an upswing or downswing. Also, if bears take action, the price of the coin could undergo another steep plunge.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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