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- Ethereum classic price recovered 20% approx from the recent swing low at $16.00.
- ETC price struggles to climb above the 50 and 200 day EMA.
- Ethereum classic price prediction suggests a rise in the coming months.
Ethereum Classic price recovered 20% approx from the recent low at $16 and regained the $20.00 mark. ETC price has shown signs of the bullish trend reversal and formed a hammer candle from the support level. However, the confirmation of the trend reversal will come when bulls are able to sustain the price above the 50 and 200 day EMA.
Ethereum Classic price trading at $19.98 with an intraday rise of 1.58% and 24 hour volume to market cap ratio is at 0.0604. The pair of ETC/BTC is trading at 0.000738 with an intraday rise of 1.79% which shows high correlation between the direction of both the pairs.
At the mid of January, ETC price had breakout of the $20.00 hurdle and began to expand upside by forming higher high candles. The rally took halt at $24.00 and prices started consolidating in the narrow range between $20.00 to $24.00. ETC price traded in range for almost 2 months but buyers were unable to give the follow up momentum. Therefore, $24.00 turned out to be a strong supply zone and prices reverted in downward direction.
Will Ethereum Classic price continue to rise?
Ethereum classic price tried multiple times to break the higher range but got rejected and prices took the opposite direction. Later, ETC price brokedown the lower range and slipped below the 50 day EMA which invited further decline. At the beginning of March, global market sentiment also turned bearish which negatively impacted the ETC price and ended up losing all its previous gains.
ETC price hit a low at $16.00 and witnessed some meaningful buying from the lower levels. The buyers have tried to push the price above the 50 day EMA to bring back the confidence of the investors but prices seem to be again lacking the momentum. The technical analysis suggests ETC price will gain momentum if the bulls succeed to hold the $20.00 level. On the other hand, if the prices remain below $20.00 then it is expected to consolidate for some more time.
ETC price: Technical Outlook
ETC price had shown a decent recovery and volume is also rising indicates some genuine buyers accumulating from the lower levels. The technical indicators like MACD had generated a positive crossover indicating prices are likely to trade with the bullish bias. The RSI at 48 sloping upward denotes the neutral zone and a balance between bullish and bearish positions.
Conclusion
Ethereum classic price has recovered 20% approx from the recent lows and showed signs of bullish trend reversal. The technical analysis suggests the prices are into the bulls grip and the probability of reaching $24.00 remains high.
Technical levels
Resistance levels : $24.00 and $27.25
Support levels : $16.00 and $14.70
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
