Ethereum Classic Price Analysis: Do Bulls Still Have The Strong Legs To Make A New High?

  • ETC/USD gave triangle breakout on January 3, 2020
  • ETC/USD successfully transcend its first resistance at $6.58 and got rejected from resistance at $7.75 
  • ETC/USD seems to take a breather and bounce back as the coin saw some fresh buying this morning 

Ethereum Classic gave a breakout on January 3, 2020, but faced resistance from $7.75 levels. The coin saw some fresh buying this morning which can resume this rally further to test levels of $8.000 and $8.300. So far ETC/USD gave a bull run of 34%-35%. The 24 hour volume and market cap are $1,550,733,941.83 and $828,452,887.39 respectively. 

Possibility: The Bull Party Is Not Over Yet, Coin Made A White Spinning Top

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The candles and price action mostly give the first signal of buying an asset class, and in this case, ETC/USD seems to respect the support line by making a white spinning top candle. The bulla is probably in-game. 

Bollinger Band(10) confirmed increased volatility by widening up on January 3, 2020, indicated a weakness in the last two trading sessions. The coin stopped riding the upper band and took a breather. However, the median (10 SMA) strengthened the coin in today’s session and may help resume the rally. 

The MACD (8,21,5) confirmed to buy the coin on January 3, 2020; however, the rally brought divergence between the fast line and slow line which probably weakened the bulls. However, the fast line didn’t give a selling signal; instead, the signal line continued its journey up to test its resistance at 0.46 levels. 

The Relative Strength Index gave the buying signal long back on December 24, 2020, when the coin made a bullish harami candle after a considerable fall on December 23, 2020. Since then the RSI travelled from 30 and got rejected at 70 levels at last. 

Conclusion – 

Ethereum Classic travelled 35% before taking a breather. The technical charts show that the bulls came into action this morning. If they make a long green signal in upcoming days, it can initiate the second phase of the rally where the coin might test the immediate resistances expected to be around $7.4, $7.8 and $8.00.

Support: $6.60 and $6.15 

Resistance: $7.37, $7.8 and $8.00

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Kartik Dhankani
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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