The Ethereum Classic price has been highly bearish since the beginning of September, but it quickly recovered and stabilized at $38.00 for a few days. The conflict between the bulls and bears persisted, the bears quickly took charge, and the ETC price dropped to $27.72.
The price rose sharply to an as high as $30.91 where it held steady for over a week and then dropped to $27.72. The bears dominated and pushed the price below $27.72. The bulls made an attempt to rally the price higher to $27.72 but it is facing a tough time to push the price above that level.
Prices for Ethereum Classic are currently sitting around $27.72 and are aiming to go higher. Investors must be prepared for a probable reversal that will lead the Ethereum Classic price to decrease because it is a probability that it will rise.
A 5% drop is expected soon, followed by a quick recovery. The current rally in positive momentum could see the price of Ethereum Classic rise 17% to $30.91 at the moment. Traders can profit from buy-stops above these higher levels for ETC prices to cross this level.
In contrast, if the Ethereum Classic price keeps piercing through the $22.88 to $26.30 demand zone without responding to it, it will be a sign of an extreme increase in the selling pressure. In order to refute the bullish case, ETC may produce a daily candlestick below the demand zone if the trend persists. This could prompt a retest of the $20 psychological price barrier for the asset.
