Home Analysis Ethereum Classic (ETC) Is Making Double Wedge Pattern Between $5.40 and $5.20

Ethereum Classic (ETC) Is Making Double Wedge Pattern Between $5.40 and $5.20

  • ETC prices are in a major issue as it is currently suffering heavy volatility in trading.
  • Prices might break down the significant price level of $ 5.20 as it is facing heavy pressure.
  • ETC/BCH pair is performing well with an increase of 0.16% bringing the levels to 0.00077512. 

Recently ETC trading mostly with variations above the level of $5.20. Ethereum classic Price is not able to attain the level of 5.40 due to the heavy resistance line up there. There is a double wedge pattern that means prices are not only suffering resistance but they are also suffering the volatility, it is a negative indication as the support level of $5.20 is becoming weaker and soon might collapse.

Currently, ETC is seeking to develop a strong support level and price level of $5.25 might be the one. If prices want to cross the crucial level of $5.50 they 1st need to acquire the level of $5.40.

ETC’s market capitalization is $607,233,835 USD with volume traded of $1,619,207,754 USD and circulating supply of 116,313,299.

Ethereum Classic (ETC) Price Analysis

ETC1
Source:tradingview

In the technical chart, prices are suffering and dropping the price levels. Soon they might lose the level of $5.20 due to the heavy resistance, currently, prices are again at a vital position. 

The technical Indicators are not in the favor of ETC prices as they are in bearish momentum with the increase in the selling volume of the cryptocurrency. 

The MACD level shows that they are in bullish terms with an increase in the selling volume of the crypto asset and selling volume is developing potential nature to dominate the prices. 

RSI is significantly moving towards lower levels with negative divergence but it did acquire a negative trade and currently moving down to the level of 40. 

The 24hr-CCI is falling again in the normal region but with the help of some positive trade, it did touch the top of the normal region. 

Resistance Level: $ 5.30 

Support Level: $ 5.10

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Ayush Malviyahttps://www.thecoinrepublic.com/
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.

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