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Ethereum Classic (ETC) price is trading in the supply zone after making a bullish rally of 43%. It gained strong support from the buyers in mid-July and gained more than 85% by taking support from the price level of $14.00 after making a bullish reverse head and shoulder pattern.
After reaching the $28.00 mark, sellers tried to overtake the market by making a minor correction. The price made a bullish upturn of 95% within a few weeks.
ETC Price is Preparing for a Bearish Correction (Daily Timeframe)
Sellers, after reaching $44.00, started stepping back into the price action. ETC price made a sudden sharp correction of 30% making a lower-low, following which the price started trading in a downtrend, losing 20 to 30% on each move. After this bearish trend, Ethereum Classic price lost 65% of its overall value. Nevertheless, after reaching the $16.00 mark, ETC took support and made a higher-low in the overall trend, indicating an all-inclusive trend that ETC is bullish.
Ethereum Classic price broke out of the bear trend with a strong bullish candle and made an extremely bullish rally, gaining 60% of its value back. However, it faced resistance at the $24 level and the price started strengthening under a consolidation range. Following this, the bears overwhelmed the price and made a breakdown, and fell 25% after breaking the support level. After this, it made a retest while gaining 30% in value.
The overall market sentiments are currently in the Greed zone with 64 points seeing an increase of 3 points in the last couple of days where the market was at 61 points, according to the Greed and Fear Index provided by the Alternative(dot)me site. The bears are currently dominating the overall price action, as per Coinglass – a crypto information platform, by 50 to 56%.
Conclusion
As of now, the ETC price is facing critical resistance from the 200-day EMA. The price can take rejection from the 200-day EMA by making a bearish engulfing candle pattern or a hanging man candlestick pattern, which will confirm the changing trend that the price can take a bearish correction of 20%.
Technical levels
Support – $21.00
Resistance – $16.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
