ETC Price Analysis: Sellers Pushback ETC, Will It Crash $14.75?

Taking constant support from the crucial horizontal level at $14.75, the ETC coin price forms a descending triangle pattern. In the recent negative cycle within this triangle, the ETC price reverts from the $20 mark to $14.75, accounting for a 30% drop between July and September 2023.

Despite the overall correction, the constant support at $14.75 keeps the hope for a bullish reversal in the Ethereum Classic price prediction.

However, the recent bullish reversal during late September breaks above the resistance trendline, and the 50-day EMA signals a reversal. Nevertheless, the buyers failed to sustain the bullish momentum despite the ongoing up October, which led to a retest of the broken trendline.

Moreover, there recent downtrend in ETC price nullifies the double-bottom reversal from the $14.75 support level. This turns the Ethereum classic into a sideways-moving consolidation range between $14.75 and $17.

Currently, the ETC coin price trades at $15.49 with an intraday gain of 0.32%. Moreover, recently, a candle tested the trend line with lower side rejection that highlights the possibility of a post-retest reversal. 

Technical indicators:

EMA: The 50 and 200 days, exponential moving averages maintain a declining trend with certify the downtrend in motion.

DMI: The DMI indicator displays a negative slope in the ADX line, representing a lack of trend momentum. Moreover, the DI lines given bear crossover during the retest phase in ETC price. 

Will ETC Price Cross $16?

Considering the buyers managed to hold off the incoming supply at $14.75, the ETC price is set for a bullish reversal. The refresh bullish rally will continue the sideways trend with the overhead resistance of $17. Upon the $17 breakout ETC prices, the 200 EMA and reach the $20 mark. 

On the flip, if the buyers fail to sustain dominance inside $14.75, then the continuation will hit the $12.65 mark.