Ethereum Classic (ETC) produced a godlike candle as the market’s sentiments changed to bullish against tether (USDT). The crypto market has become promising as most altcoins appear bullish, coming out of their shells with the like of Ethereum Classic producing double gains ahead of the “Ethereum Merge” sentiment pulling altcoins higher. Data from Binance
Weekly Chart: Ethereum Price Analysis (ETC).
ETC’s price has been struggling in recent weeks. It fell to $14 per week. However, ETC rebounded from that region and rose to $30.
ETC price broke out of its downtrend channel. This formed a strong bullish bias and the market might be ready for a small rally.
ETC was rejected at $30. But the price broke above the channel and then retested it, turning the downtrend resistance to support. As prices rally higher to $40, the ETC price has been bullish over $30.
This structure could be maintained by the ETC price. If bears push ETC’s price higher, it could act as resistance at the $50-57 level. However, if ETC is rejected, we may see an area of support around $30.
Weekly resistance for the price of ETC – $50-$57.
Weekly support for the price of ETC – $30.
ETC Price Analysis On the Daily (1D), Chart
The price of ETC has broken out of its downtrend channel. It is now bullish. ETC will trend higher until it reaches $56, at which point it will encounter resistance. ETC’s current status shows that it has bullish structures and good volume.
We could witness the resistance at $56 turning into support if buy orders are placed with ETC. However, if ETC does not trend above $56, support at $38 is in place to stop the sell-off.
ETC’s price is currently trading at $40 higher than its daily 50- and 200-exponential moving averages (EMA). ETC’s price is supported by $30 and $32 respectively, which correspond to 50 and 200 EMA.
Daily (1D) resistance for the ETC price – $56.
Daily (1D) support for the ETC price – $32-$30.
ETC Price Analysis for The One-Four-Hourly (4H), Chart
ETC continues to be bullish in its 4H price range, as it shows a bullish continuation trading slightly higher than the 50- and 200 EMA as support.
The ETC continues to be bullish following the breakout of the symmetric triangular, confirming an increased bullish bias.
ETC is trading above 50 and 200 EMA. It could move higher if it breaks resistance at $50. If ETC’s price falls below $50, support at $38 would hold ETC.
On the 4H Chart, ETC’s Relative Strength Index (RSI) is above 70, indicating buy order volume for the ETH price.
Four-Hourly (1H) resistance for the ETC price – $50.
Four-Hourly (1H) support for the ETC price – $38.