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- Ethereum Classic was able to break above the major resistance level of $5.50 on Thursday’s market session providing hope for reclaiming the crucial mark of $6
- The ETC/BTC pair is also performing positive with a gain of 2.32% bringing the current level to 0.00043272 BTC
The weekly price chart of Ethereum Classic signifies the halt of the bullish rally due to the major resistance level of $5.50. Before the past week, the price levels attempted to break above the same resistance mark and failed miserably resulting in facing significant negative reversals to the support level of $5.10. During the past week, the coin’s price movement was kind of consolidated to the range of $5.20 until the bears made a comeback in the overall market conditions which helped the price levels to beat the resistance mark with comfort. The CMP is placed at $5.61 with an overall gain of 2.22% bringing the market capitalization to $651,950,918 with the 24-hour volume traded having an increase of 13.64% over the day.
Technical Levels Can Improve for ETC Bulls
The technical chart highlights the downtrend faced by ETC during the past month which is followed by immediate price recovery action. The price movement for this month has been pretty much consolidated for the digital asset. However, with the significant positive sentiment prevailing in the market, ETC is looking to new gains levels by the end of the month. However, the retracement charts show that the cryptoasset will be facing resistance which is placed at 0.618fib level.
The moving average convergence and divergence (MACD) are still having consolidated levels after a bearish crossover. However, there is a bullish crossover at the tip of the levels which should provide bullish momentum.
The relative strength index (RSI) made an unsuccessful attempt to reach the overbought region but trying to sustain the bullish levels standing at 62.44.
The directional movement index is showcasing bullish nature as ADX(31.33) had a positive crossover with +DI(23.21).
Can ETC Bulls Reclaim the Crucial Mark of $6 Again?
The technical levels are not that much bullish for reclaiming the crucial level putting the sustainability of the bull in doubt. Also, the current levels are getting minor reversals from the price level of $5.70 which can allow the bears to make a comeback.
RESISTANCE LEVEL: $5.70 & $6.00
SUPPORT LEVEL: $5.40 & $5.10
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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.
