thecoinrepublic.com
- 1 Ethereum classic price lingers above $18.40 after facing rejection from $20.20.
- 2 ETC price is currently trading at $18.54 with a loss of 0.86% during the intraday session.
- 3 The 24-hour trading volume has increased by 6% amounting to $115,048,222.
The bullish rally for ETC price started during the middle of June 2023 as the price formed support near the $14.70 level. The surge was due to BlackRock filing for the Bitcoin Spot ETF.
This move led to the creation of a high at $23.30. The cryptocurrency price faced strong rejection from the $23.30 level due to the presence of bears above $23, which pushed the price below $21.
After the rejection, the price shifted its trend to bearish and melted to form a support at $18.40. Recently, the price retested $20 and fell back to the same support level. The surge of 10% was due to the partial victory of Ripple (XRP).
If bears can shatter the support level of $18.40, the price might fall toward the major support level of $17, causing a downfall of approximately 7.53%.
On the other hand, if the price can sustain above $18.40 and gain bullish momentum, it might rise toward $20.20 in hopes of shattering it. For the price to retest the annual high of 24.95, it needs to break and close above $23.
ETC price action was praiseworthy during the first quarter of 2023 but the second quarter showed shabby performance.
The transactions have reached $5.03 Million with a transaction volume of 268,863. The daily active addresses are 13,052. The year-to-date return of Ethereum Classic is 18.23%.
Will ETC Price Retest $20 Level?
The cryptocurrency price trades below 20,100 and 200-day EMAs. The 50-day EMAs have been acting as a support for the price. Currently, the price is facing rejection from the 50-day EMA.
Chaikin money flow score is -0.01, suggesting a slight weakness in the market. The relative strength index is 49.17 implying that the price is in neutral territory and the possibility of consolidation.
Lower time frames exhibit that price is currently in a narrow consolidation zone. The Bollinger bands have contracted hinting at low volatility in the market. The price is currently trading below the 20-day SMA of Bollinger and residing near the lower band with no certain signs of bullishness.
If the price can rise above $19, it can head toward the upper band. The long/short ratio is 0.86 with 46.34% longs and 53.66% shorts indicating a higher number of selling positions in the last 24 hours.
The market capitalization has also decreased by 0.43% to $115,048,222.
Conclusion
The market structure and price action of Ethereum Classic is currently indecisive as the price does not have momentum. The market leader Bitcoin is hovering near $30,000. There is a possibility that the price might consolidate in the current region for a while before making any moves. The longer the price consolidates, the more intense the breakout will be.
Technical Levels
- Major Support: $18.40 and $17
- Major Resistance: $20.20 and $21
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.