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- Ethereum classic gave strong bullish signals after it broke above the major resistance level of $5.30 past a few days back\
- However, the after movement of ETC hasn’t been very impressive as the levels got stuck in the price range of $5.40
- The ETC/BTC pair is having a marginal profit of 0.09% bringing the current level to 0.00047443
Ethereum Classic was looking like one of the promising performers when the overall bullish sentiment was building in the market during the starting of this month. The crypto asset also broke the major resistance level of $5.30 to ensure its bullish sentiment. However, it is unable to fully capitalize on the positive sentiment in the market.
The weekly price momentum of the ETC looks bullish as it included breaking above the major resistance level of $5.30. The positive move started from the price level of $5.10 and reached its peak point of $5.50. Looking at the reversal from the peak point, we can say that the price level of $5.50 is gradually turning into a resistance level. The CMP is at $5.42 facing the marginal loss of -0.48%. The market capitalization is at $629,917,707 with a 24-hour volume traded of $618,982,563.
Technical Levels Confirms the Presence of Bulls for ETC
The technical chart reflects on the downtrend faced by ETC afterward testing the bullish level of $7.00. The downtrend was followed by immediate and significant price recovery action in the market which formed a positive breakout point for the cryptoasset. Currently, the price levels are showing sustainability between 0.382 and 0.236fib level. A positive breakout above the 0.382fib level will provide strong bullish signals in the market.
Both relative strength index and commodity channel index are on a downturn due to the current ongoing negative momentum for the coin. CCI has reached the oversold region with the current level of -168.69 and RSI is at 45.26.
The directional movement index is showing that the bulls are still present for ETC as ADX(30.625) is well above +DI(20.528).
Can ETC Move Further Amid Bullish Sentiment?
Looking at the price trends and activity, it would be not wrong to mention that the price level of $5.50 is gradually turning into a resistance level for ETC specifically with the negative reversals provided by the level. ETC needs to surpass above the price level of $5.70 for making any significant price recovery action further ahead in the market.
RESISTANCE LEVEL: $5.50 & $5.70
SUPPORT LEVEL: $5.10 & $5.00
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
