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- 1 ETC faces a barrier and cannot surpass the 200-day EMA.
- 2 Bulls were facing rejection from the neckline of $23.
ETC coin price stayed in a congestion zone below $25, indicating the past trading sessions. Furthermore, the current chart structure indicates a negative outlook, with sellers showing a strong commitment to maintaining their short positions and actively working towards achieving their goals. Additionally, ETC could not surpass the 200-day EMA, which acts as a significant resistance near $20.
The price action of ETC indicates that it is currently trapped within a congestion zone. In this zone, the price is trading above the 20-day moving average, finding support at that level, but remains below the 200-day Exponential Moving Average (EMA). As a result, the price movements are characterized by narrow ranges, indicating a lack of strong directional movement. The sellers’ volume indicated their active presence and strong control at key levels such as $20 and $25, which buyers struggled to overcome in recent trading sessions.
The coin’s trajectory suggests that if ETC can surpass $22, then bulls will gain momentum and the price could head toward $25. Similarly, on the downside, if it slips below $18, it could retrace toward $15.
At the time of writing, ETC was trading at $19.77 with an intraday gain of 0.95%, indicating bullish momentum. Moreover, the pair of ETC/BTC is at 0.000642 BTC, and the intraday trading volume increased massively by 8.20% to $299.34 million. The day’s high of ETC is $19.89, and the day’s low is $18.68. The market cap of ETC is $2.80 billion.
Daily Chart Structure of ETC
On the daily charts, ETC coin prices are trading in the narrow range, indicating negative sentiments and selling pressure. Moreover, the price encountering resistance near the $20 mark indicates a significant presence of sellers who have established control over the price range. This lack of upward movement prevents buyers from breaking out of this range, signaling a bearish sentiment for the upcoming trading sessions.
Furthermore, the ETC price is trading above the 38.2% Fib level but below the 50% level, which shows that buyers are accumulating the coin from the demand zone of $13, but could not sustain the price above the major hurdle of $22.
Short Term Charts Show Sellers’ Dominance
On the 4-hour charts, the price action of ETC indicates a bearish trend as it slides downwards from the supply region around $25. This decline suggests that buyers were unable to sustain upward momentum and became trapped at higher levels, while sellers capitalized on the price rejection and exerted control over the market.
The RSI curve hovering below neutrality near 48 shows sellers’ dominance in the market, and indicates that buyers have stayed cautious.
The MACD indicator continued to display red bars and signaled a bearish crossover, indicating a negative outlook on the charts. This implies that the selling pressure outweighed buying pressure, contributing to a bearish sentiment in the market.
Conclusion:
Currently, the price of ETC is trading below the 200-day EMA, but it is showing an inclination towards a potential recovery. In order to attract more buying interest, it needs to overcome the immediate obstacle at the $20 level. Breaking through this hurdle would likely lead to increased buying activity in the coin.
Technical levels
Support Levels: $16
Resistance Levels:$25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
