Ethereum Classic Price Analysis: Has the bullish rally faded away?

Ethereum Classic reflects on the bullish momentum built by the price levels
  • 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
Source: Coinmarketcap

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.

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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 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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