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ETC Technical Analysis: Expect Price to Fall with Selling Pressures


cryptoknowmics.com April 08 2021 07:58, UTC
Reading time: ~2 m

Ethereum Classic is a blockchain-based computing platform for executing smart contracts. It is a distributed network and robust platform for on-chain application development. It facilitates the running of applications without censorship and downtime errors. ETC is the native token of this ecosystem. The ETC technical analysis is as follows:

Past Performance

On April 1, 2021, the opening price of ETC was $14.08. On April 7, 2021, the closing price was $19.09. Thus, in the past week, the price has increased by roughly 36%. In the last 24 hours, ETC has traded between $18.05-$19.93.

https://www.tradingview.com/x/5Wfwfz0O/

Day-Ahead and Tomorrow

Currently, ETC is trading at $18.36. The price has decreased from the opening price of $19.16. Thus, the market is bullish.

The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Thus, we can expect a price pullback.

The OBV indicator has started falling gradually. Thus, selling volumes are overtaking the buying volumes in the market. Hence, we can expect downward pressure on the ETC price.

The RSI indicator faced rejection at 46% and fell to the current level of 38%. Thus, selling pressures are higher than buying pressures. Hence, we can expect the ETC price to fall.

ETC Technical Analysis

As per technical analysis, the price has fallen below the Fibonacci pivot point of $19.06. The price is soon likely to fall below the first support level of $18.34. As most of the oscillators have given negative signals, the price may fall below the subsequent support levels of $17.90 and $17.18 respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $18.49. As of now, the bearish forces look strong. In that case, the bear-run will continue today and tomorrow.


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