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%
Source:tradingview

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. 

Source:tradingview

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 Chadhokarhttp://www.thecoinrepublic.com
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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