Ethereum Classic (ETC) is Heading For a Positive Breakout for the Targets of $9.16 and $13.85

  • Ethereum Classic (ETC) is trading in the symmetrical triangle pattern and currently moving within the triangle’s resistance.
  • The pair of ETC/BTC slips over -4.38% standing at 0.00028215 BTC 

Ethereum Classic(ETC) is placed under the symmetrical triangle pattern, and a breakout is expected in January 2021. After hitting the lower level of $3.30, the price recovery pulls to the higher level of $6.45, the current trading level. ETC’s price is currently trading in the symmetrical triangle pattern and taking the support of the lower support line of the symmetrical triangle and currently trading near the resistance of the triangle. The resistance on the higher side is placed at $7.88 and $8.30. After clearing the resistance, the higher side’s target can be considered $9.16 and $13.85, which can be seen in the first or second month of 2021, and the support on the lower side is placed at $5.60 and $4.68. 

Source: tradingview

Moving Average Convergence Divergence (MACD) currently indicates the Bullish trend on the weekly chart as gives a positive crossover with the significance of Bull’s line(yellow) over Bear’s line (black) with no sign of weakness.

Source: tradingview
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The Exponential Moving Averages of ETC give a positive crossover of 20-EMA, and 50-EMA over 200-EMA indicates the positive crossover. Currently placed above the major moving averages of 21, 50, and 200, indicating the positive strength of ETC. All the indicators favor the breakout, and we can expect a rally of 144% from the current levels for the final targets of $13.85.

The Relative Strength Index (RSI), which indicates ETC’s strength, is trading at 53.45 over the weekly candlestick chart, and it is heading towards an overbought zone.

Support levels: $5.60 and $4.68

Resistance levels: $7.88 and $8.30  

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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