Ethereum Classic (ETC) Analysis: ETC Remains in a Consolidated Zone After Showcasing Bullish Momentum

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Ethereum Classic ETC 2
  • Ethereum slides down by -0.95 % after the previous day surge of 7.09% 
  • ETC remains in the consolidated zone after the bullish momentum from Monday’s market session
  • ETC/BTC pair is trading on the level of 0.00022173 BTC

On the weekly chart ethereum classic remains in the consolidated zone of $7.272 and $4.982.Meanwhile, it has seen a bullish momentum for the past couple of trading sessions, which can help it give a long-awaited positive breakout. Meanwhile the price levels of ETC are sustaining over its significant resistance levels which can be seen as a positive sign for it.

The CMP is at $6.982 with an overall loss of 0.95%(at the time of writing) making its market capitalization at $810,382,408.The volume of ETC has shown a significant decrease of 23.945%. The ETC/BTC pair is trading at a positive increase of 0.58%. The digital asset has made several attempts to have a breakout above its resistance level for the past couple of months but remained unsuccessful.

Ethereum Classic (ETC) Technical Analysis

On the 4 hr chart, ETC is trading in a consolidated zone. Any breakout outside the consolidated zone could see a significant price movement. The major resistance in the ETC can be seen near $7.109, and the first major support can be seen at $6.888 followed by $5.802. It is trading above its 20 MA and 50 MA. As per the Elliott corrective wave, the second downward wave has completed its phase, and the third wave can see a significant rise. 

The relative strength index (RSI) is at the level of 68.808 (at the time of writing ) making it to the overbought zone.Meanwhile, RSI is starting to form a positive slope after making a negative divergence for quite some time indicating the strong bullish momentum in the price. 

The moving average convergence divergence (MACD) is showing a positive crossover indicating strong positive momentum. Histograms are also forming a green bar indicating the strength at the moment.

Major resistance: $7.110

Major support:$6.688 and $5.822

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