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Ethereum Cash Token Price Analysis: ETC Ready To Make A New All-time High

Analytics

www.thecoinrepublic.com 03 May 2021 10:30, UTC
  
Reading time: ~3 m

  • ETC token price boosted more than 82% within the last two weeks to break out of the rounding bottom pattern sooner than expected.
  • Morning star pattern formed near 0.5 Fibonacci level, i.e., $27.6 has successfully pushed the price back up.
  • The ETC/BTC pair is trading at 0.0008088, an intraday growth of 1.48%

source-tradingview

ETC token price increased more than 80% after forming a morning star pattern close to 0.5 Fibonacci level i.e., $27.6. The large-bodied candlestick formed with the long tails, in the daily timeframe, indicates higher buying pressure which is considered very positive with breakout expectations.

The coin price is in the process of making higher highs which might increase the probability of making a new all-time high-level. The increasing buying volume with long, long tails does imply that bulls are more powerful. The live Ethereum Classic price today is $46.92 with a 24-hour trading volume of $3,979,144,727. ETC is up 3.69% in the last 24 hours. The live market capitalization of the coin is $5,456,995,615.

Volume Expansion in support of the Breakout  

source-tradingview

ETC coin price has been trending higher after finding support just below the 50 EMA and forming the cup pattern’s bottom. Coin price of ETC is moving higher in the 4-hour timeframe leading to break out of the pattern. Along with the pattern, the coin price might also give a breakout of the $49.8 level. The coin price is accompanied by a decent volume range with increased buying volume, indicating that the Breakout is a possibility. The coin price faced resistance from the $49.8 level resulting in the fall, but a break out of this resistance level might boost the price another 30-35% up after retest. The level of $38.5 is the immediate support level.

As per the 4-hour timeframe, the coin price is trading above the 50 (yellow) and 200 (white) EMA, indicating an uptrend, and the breakout volume is adding points to this idea. 

The RSI (slightly bullish) indicates slight bullish momentum while trading at 74. The RSI line is spiked and is now heading to the overbought zone, but slight bullishness can be expected from RSI until it rebounds.

The ADX indicates a saturated momentum after the increase in slope, and it is trading at 50.4 while the slope in ADX is moving sideways.

Conclusion – ETC token price is ready to break out of the round bottom with daily volume expansion. The Breakout of the pattern associated with the Breakout of the $49.8 level might result in a 30-35% up move, in turn, creating a New All-time High. Early traders must be careful though, as the increase in selling volume could change the course of direction.

Support- $38.5 and major EMAs

Resistance- $49.8


   Source
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