- ETC’s price shows strength as it bounces from a downtrend range with high volume, aiming for a rally to $30.
- ETC must now try to rise above $30, after breaking out of the downward triangle.
- ETC’s price remains strong below the 50 and 200 Exponential Moving Averages (EMA) as it attempts to rally past these regions.
Ethereum Classic (ETC), which broke out of the downtrend-descending triangle it was in, has held steady with strong volume. With the price looking to rise to $30 With significant price movements in Bitcoin and Ethereum (ETH), the cryptocurrency market appeared to be more stable. The cryptocurrency market’s relief rally has been a boon for smaller coins such as Ethereum Classic (ETC) which have shown great strength and reversal of their long-term downtrend. Data from Binance
Weekly Chart Analysis of Ethereum Price (ETC).
While many altcoins struggle to trend in range markets, ETC’s price has experienced more of a downtrend even though it showed some upside price movements, but these were short-lived because the price was rejected.
ETC plunged from an all-time peak of $180 to around $41 before rising to a high point of $75. ETC’s price faced rejection at a low range of $46, where it formed weak support for sell-offs. But this was futile, as the price kept falling.
ETC dropped to $24 per Week, and then bounced back.
The market is looking better, and ETC could rally to $30 with high volume. This would allow the price to continue trending higher.
ETC’s overall structure is favorable. After a breakout of the range low, there are high chances that the price will retest the $30 or higher ranges. ETC may retest at $24 after failing to break above $31.
Weekly resistance for the price of ETC – $30-$31.
Weekly Support for the price of ETC – $24.
ETC Daily Price Analysis (1D) Chart
ETC trades at a low level in the daily timeframe. This is despite the fact that it has broken out of its downtrend and traded with volume. ETC tries to rally up to $30 as resistance.
ETC prices must rise above 50 EMA to act as resistance. Price of $28 corresponds with 50 EMA. It acts as resistance to price rising to $32. ETC closing at $32 above the price is good news, which is supported by Fibonacci’s retracement value (23.6%).
Daily resistance for the ETC price – $32.
Daily Support for the ETC price – $20.5.
Featured image from zipmex. Charts from Tradingview