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- Ethereum price is trending in sideways market from 11 Jan 2020 with a minimal gain of 0.49% today.
- Ethereum classic is trying to take a support above the price of $8.348 from last 5 days.
- ETC/BTC pair is trading above at the value of 0.0002112 BTC with an intraday gain of 0.38%
On the daily chart, Ethereum classic is currently in a sideways moment after testing major support level of $8.348 on the lower side,followed by a minimal returns for week. The sideways movement of ETC has forced it to remain in between $8.243 and $10.24. The CMP of ETC is at $7.64 with an intraday gain of 0.49%.ETC is currently at 34 with the market capitalization of $893,710,481.The volume of it has seen a fall of 15% in 24hr period
Technical Level Indicates A Bearish Momentum
ETC technical chart highlights a consolidation zone from the past few trading sessions with the decrease in flow of Ethereum classic coin from exchange. ETC is currently taking the support at 20 moving average.It has also formed Doji candles in the previous trading session.It indicates that price is in a mayhem .
The Relative strength Index retraced itself back from the overbought zone and currently trading at the level of 57.63. It has formed no slope from quite a long time.It is currently indicating a upcoming bearish zone.
The Moving Average Convergence Divergence is in the Positive region. There can be a negative crossover in upcoming days.Bars of the histogram are of very lower lengths but in the positive zone.It currently indicates that bearish momentum can continue.
Conclusion:
Ethereum classic has seen an uptrend and downtrend in the past couple of trading sessions. It will be too early to say that ETC can again see an uptrend. Technical levels are in opposite side of ETC,but it has a strong fundamental value. It can be a plus point for ETC.
TECHNICAL LEVELS:
Major Support:$8.304
Major Resistance:$12.362
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
