Ethereum Classic Flashes Bullish Signs As Volume Rises; Will $32 be breached?

  • 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

Source :| Source: ETCUSDT On

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

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