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ETC Technical Analysis: 25% Uptrend Potential If Prices Break $28

Analytics

cryptoknowmics.com 22 July 2022 10:35, UTC
  
Reading time: ~2 m

According to the Ethereum Classic technical analysis, ETC prices exceed the 100-day SMA as the bull run gains momentum, teasing a price jump to the $34 mark.

Key Technical Points:

  • The ETC prices jumped by 24.65% in the last 24 hours.
  • The market value of Ethereum Classic surpasses the 100-day SMA.
  • The 24-hour trading volume of Ethereum Classic is $403 Million, indicating a drop of 10%.

Past Performance of ETC

Ethereum Classic (ETC) price reverses from the $13.3 support level to exceed the 50 and 100-day SMA, accounting for a 95% jump in the last ten days. As we mentioned in our previous article, the $24 resistance level has been a crucial obstacle that the current bull run has defeated. Furthermore, the bull run retests the 100-day SMA and prepares to exceed the 200-day SMA at $28. TradingView Chart Source - Tradingview

Ethereum Classic (ETC) Technical Analysis

The Ethereum Classic (ETC) prices remain within the 50 and 100-day SMA, but the increasing demand and improving market conditions tease a bullish breakout. However, the trading volume showcases a lack of bullish support with the declining trend. The RSI indicator reflects a sustains in the overbought zone reflects a boom in the underlying bullishness. However, the slope declines within the zone, reflecting a slight weakness in bullish sentiments. Furthermore, the MACD indicator showcases the fast and slow lines display a bullish trend in the positive zone, reflecting an increase in buying pressure. Hence, the momentum indicators maintain an optimistic viewpoint for the upcoming trend. In a nutshell, the Ethereum Classic (ETC) technical analysis suggests an uptrend continuation to the $33 mark.

Upcoming Trend

If the buying pressure drives the ETC prices above the $28 mark, the market price will skyrocket to the $33 mark. However, if the 200-day SMA starts a bearish reversal, a downfall to $24 seems inevitable. Resistance Levels: $30 and $34 Support Levels: $24 and $20


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