Ethereum Classic(ETC) Analysis: Will Ethereum Classic Continue the Consolidation Pattern?

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  • Ethereum Classic (ETC) is trading sideways within the narrow range over the medium-term chart and facing strong rejection of $7.85
  • The ETC/BTC pair is trading at the market price of 0.0001727 BTC with intraday loss of -6.02%

Ethereum Classic (ETC) is consolidating in the narrow range of $4.68 to $7.88, which is low and high, respectively. The script is trading above the major moving averages of 20, 50, 100 and 200-Day, and a positive crossover is observed as 20-DMA crossed all moving averages generating a bullish momentum. Resistance on the higher side is placed at $7.88, similarly, support at $4.68. If ETC can break the resistance line, we can expect a bullish movement until $12.20. Meanwhile, resistance can be between $8.70 and $10.00. 


Ethereum Classic(ETC) is trading in bullish momentum, making higher highs and lower bottom pattern, however, selling is observed at the higher levels. ETC is trading at the price levels of $6.99 with an intraday loss of -5.28%. The volume drops over -10.86% in last 24-hour standing at $1,699,795,400. Likewise, the market capitalization stands at $816,707,852, with an overall loss of -4.83% intraday. The support on the short term chart is placed at $6.20 and $5.50, and resistance is at $7.35 and $7.85. 

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The Relative Strength Index (RSI) indicates a bearish momentum while trading at 40.34, which is placed near oversold territory. Therefore, it can expect a short-term bounce in coming trading sessions. 

Moving Average Convergence Divergence (MACD) currently indicates a bearish trend on the daily chart as it gives a negative crossover. The significance of the selling line (red) over buying signal line (green)is high. However, a positive crossover is expected as both lines heading closer to each other. 

Support levels: $4.68 

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Resistance levels: $7.88.  

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Pratik Chadhokar
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.

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