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ETC Price is currently consolidating within a range in the supply zone - 2
ETC Price is trending in a downtrend it might take another fall
ETC price after making a double bottom pattern around the price of $14.08 made an extremely bullish rally of 51% after which it started consolidating within a price range of $20.00 to $24.00. Showing that the price might start trending after a while although the price is currently trading near $20.06 near the consolidations support zone while trending below the 200 EMA which is providing critical resistance to ETC. The current ETC price is $20.06 with a change in the 24-hour trading volume of $7.27. The ETC price is down 0.36% in the last 24 hours.
ETC price trading within a parallel range ( On Daily Timeframe )
ETC price is consolidating within a range while trending under a downtrend. The price often consolidates within a range when it is trending because of indecision between the buyers and the sellers after which the pressure is built between the range and the price breaks out with strong momentum mostly in the favor of main trend until the supply is exhausted and the demand starts filling up. In ETC price action bears are currently dominating the trend while the price is currently trading in the demand zone of the consolidation.
Technical Analysis ( On 1 Day Timeframe )
The ETC price is currently taking severe resistance from the 200 EMA. After making several attempts to break out of its severe resistance the ETC price took rejected from its price of $ 22.99 the price also broke down of the 100 EMA. While the 20 EMA after trading above the 100 EMA is giving a critical breakdown as it is a major key average this might mean the price will start declining from current levels after breaking its base level of the consolidation.
The RSI line is currently trending within a downtrend making consistent lower highs and lower lows while the RSI line is trading around 40.04 points near the supply zone taking resistance from 14 SMA which is trading around 46.92 points.
Conclusion
ETC is currently taking support from a level of $20.05 while its next support level is just below the present price of $19.01 while its recent resistance level is 14% above the present price level around the price of $22.99 and its next resistance is 21% above around the price $24.00
Technical levels –
Support – $19.01
Resistance – $22.99 and $24.00
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.
Source: https://www.thecoinrepublic.com/2023/03/05/etc-price-analysis-etc-price-consolidating-on-the-supply-zone/