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- Ethereum Classic has been on a bearish trend for the past month resulting in the shredding of -28.20% in its price
- The current market level of ETC is looking vulnerable for a negative breakout below the crucial mark of $12.00
- The monthly performance of the ETC/ETH pair has also been on declining mode with a -25.60% loss
The weekly chart of Ethereum Classic reflects on the bullish momentum built by the price levels from the support of $11.80. The positive trend lasted till the major resistance level of $14.00. With the overall market conditions turning negative, ETC price got caught up in the downtrend and shredded about 1.00%. The CMP is placed at $12.23, with a moderate gain of 0.60% over the day. The market capitalization is at $1.42B with a 24-hour volume traded of $529.33M.
Ethereum Classic (ETC) Technical Analysis
On the 4-hour candlestick, ETC price levels had double tested the resistance line present at a 0.236fib level. Still, it didn’t manage to have a positive breakout, resulting in a heavy magnitude of downfall. With a support line present at 1.00fib level, the price levels halted the negative momentum and looked for a positive breakout above 0.5fib level.
Bollinger Bands (Bearish): Under BB, the price levels are facing minor resistance from the baseline placed at $12.80. The lower line might be acting as a support point for the upcoming trading sessions while residing at $11.60.
RSI (Bearish): The levels are still outstanding for showcasing a significant positive trend on the chart. The current level is standing at 45.62, and a negative breakout below 40.00 can be a bearish signal.
MACD (Bearish): The levels are showcasing a negative trend as red bars are still forming on the histogram. No significant signs of trend reversal observed as of now.
Will ETC Bulls Make a Comeback Shortly?
The technical levels and the overall market conditions suggest a breather for ETC price. A below the range testing of $11.80 support could refuel the positive trend for the coin
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.
