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- ETC price is currently trading at $20.518, an increase of +0.22%.
- The 24-hour trading volume decreased by 33.98% and the market capitalization increased by 1.49%.
- The 24-hour high of the price remains $20.60 while 24 hour low, $20.22.
Ethereum Classic is currently in a downtrend making lower lows and lower highs after reaching $23.810 level, coming straight down to $17 level. Price started to gain bullish momentum after reaching the $17 level. The price is currently at the upper trend line waiting for the confirmation either to go upside or downside.
If the price can break above the $22 level, it may potentially be looking at $24. A break and close above the $22 level would indicate a confirmation of bullish momentum. There is huge rejection from the downside on the monthly candle. There is a long wick formed indicating a short covering. The weekly candles don’t appear bullish with small bodies with long wicks suggesting equal pressure from bulls as well as bears.
On a daily basis the price is stuck in a consolidation zone ranging between the price band of $19.50 and $21.20. Currently, the price action for ETC remains messy and indecisive. Investors should wait for confirmation before entering the trade even though the trend is bullish but a break from $19.50 can cause a trend shift.
ETC Price Analysis
The RSI curve is creating similar patterns as price ranges. The RSI curve is currently at 50.55 showing potential for upwards as well as downwards. ETC bulls need to step up and defend the $20 support in order not shift the trend to bearish. If bullish pressure does not increase in the market, price is bound to fall with a sharp dip towards the $17 level. On a 4 hour basis, the RSI curve has started to dip as price builds bearish pressure. The RSI curve on a 4-hour basis has crossed the half mark and will soon cross the median line negatively.
On a daily basis, the +DI is above the -DI as the higher time frames indicate potential buyers’ may enter the market. The ADX is currently at 5.37 indicating a reversal in the trend as the -DI will soon cross the +DI positively. On the other hand, the -DI has crossed the +DI positively with an ADX of 22.22 indicating start of bearish trend on smaller time frames.
Conclusion:
The ETC price needs to sustain above the $20 to cross $21.20 level. Bulls need to step up in the market to break $21.20 resistance so as to aim for $23. The market structure and price action on higher time frames remains bullish. However, the lower time frames tell a different story. For any move to happen, the break of this small consolidation zone is must.
Technical levels:
Major support: $17 and $19.50
Major resistance: $21.20 and $23
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.