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ETC Technical Analysis: May Fall Up to the Pivot Point and Further Below $67.69 - Technical Analysis

source-logo  cryptoknowmics.com 05 May 2021 11:43, UTC

Ethereum Classic is a public blockchain network that is decentralized, tamper-proof, and censorship-resistant. It provides a robust infrastructure for the creation of smart contracts and runs without downtime and third-party interference. ETC is the native token of this ecosystem and the technical analysis is as follows:

Past Performance

On April 28, 2021, ETC started trading at $33.75. As of May 4, 2021, ETC closed at $69.25. Thus, in the past week, the ETC price skyrocketed by roughly 105%. In the last 24 hours, ETC has traded between $67.80-$80.

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Day-Ahead and Tomorrow

Currently, ETC is trading at $74.53. The price has increased from the day’s opening price of $69.35. Thus, the market seems to be uptick.

The MACD and signal lines are negative. Thus, the overall market momentum is negative. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may turn positive soon. Thus, the price may start rising again after a temporary price pullback.

Currently, the RSI indicator is at 35%. It faced rejection at 53% and fell to the current level. Thus, selling pressures are high. In conjunction with the MACD oscillator, we can say that the RSI indicator is pointing towards a price pullback.

The OBV indicator is declining steadily. Thus, selling volumes are higher than buying volumes. Hence, the OBV indicator also is giving further credence to a price pullback.

ETC Technical Analysis

All three oscillators have indicated a price pullback, but this may be temporary, as the MACD oscillator has shown potential signs of a bearish trend reversal.

Currently, the price is above the Fibonacci pivot point of $72.35. It may fall up to the pivot point and further below the first support level of $67.69. Thereafter, we have to wait and watch if the price starts rising again.

Currently, the price has fallen below the 50% FIB retracement level of $73.90. By day end, if the price tests and surpasses the 76.4% FIB retracement level of $77.12, then probably a price uptrend has set in. In that case, the price upswing will continue tomorrow as well.

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