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- 1 Ethereum Classic price is currently trading at $16.53 while witnessing an increase of 4.56% during the intraday session.
- 2 ETC Price has crossed the 20-day EMA positively but is still below the 50,100 and 200-day EMAs.
- 3 ETC price is down by 90.72% from the all-time high of $176.16.
Recently, ETC price broke the major support level of $17 and even had enough bearish momentum to shatter the yearly lows of $15.60. After the downfall, the cryptocurrency’s price created a low at $12.61 which provided a good opportunity for buyers to enter the market and buy at significantly low price. The candle of June 10 left a longer lower wick which indicated strong rejection from the $12.60 level.
Currently, ETC price has established a support level at $14.70, and has now entered into a bullish trend. The price is headed toward the support turned resistance level of $17. ETC price lost almost all of its gains of 2023. The current year-to-date return of Ethereum Classic price is 5.35%. The market capitalization of Ethereum classic is $2 billion with an increase of 8.84%. The 24-hour volume of ETC price has also increased by 61.47%.
If the ETC price can rise above $17, there is a high probability for the price to rise toward the next resistance level of $18.60. On the other hand, if price receives rejection from the $17 level, it might retrace toward the support level of $14.70. In May, the ETC price moved side-ways. The move ended on June 5 with bears prevailing and managing to flip the $17 support to resistance.
Will ETC Price Rise Above $17 Level?
ETC price has crossed the 20-Day EMA, indicating rising positive sentiment in the market. However, it still trades below 50,100 and 200-day EMAs. The Chaikin Money Flow score is 0.14, indicating strength in the market. CMF is sloping upward, indicating strong bullish momentum in the price.
RSI trades at 52.13, indicating bullish momentum in the market. If the bullish momentum prevails, RSI will soon be crossing the 60 mark. Ethereum Classic price has crossed the 20-day SMA of bollinger and is headed toward the upper band of Bollinger which resides near the $18.60 level. The long/short ratio is 1.06 with 51.62% longs and 48.38% shorts, indicating higher buying pressure in the price.
Conclusion
The market structure and price action of Ethereum classic has turned bullish and ETC price is currently headed toward the support turned resistance level of $17. For the ETC price to retest the annual high, it needs to rise above $22.50. The technical parameters are favoring the buying side. A break above the $17 level would provide confirmation regarding its move toward the $18.60 level.
Technical levels
Major support: $14.70 and $13
Major resistance: $17 and $18.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
