ETC Price Analysis: Ethereum Classic left reeling from the aftershocks of crash; onus on bulls

•ETC/USD is currently priced at $23.71 and has increased 1.39% over the past day

•The technical indicators suggest a positive outlook for the near term

•The trading volumes have decreased by 10.41% over the past day

Short Term View: Rising bullishness in Ethereum Classic Token could lead to range breakout

The Ethereum Classic price today is $23.71 USD with a 24-hour trading volume of $431,612,517 USD. Ethereum Classic Token is up by 1.39% in the last 24 hours. The trading volumes have decreased amid a fall in selling pressure over the past day. The Volume to Market Cap Ratio, on the other hand, stands at 0.1348 for the altcoin.

The Ethereum Classic Token is trading above the 50 SMA but below the 20 SMA on the 4-hour chart, which is a sign of indecision amongst the investors. The next couple of days will provide us with a wider picture as to where the altcoin is heading. If the bulls are able to hold their horses, it could be the beginning of a rally for the coin, in which case, the altcoin would encounter resistance at $27. The bears staging a comeback could, however, make a considerable dent for the asset, which could see the prices tumbling all the way down to the support placed at $20.

Long Term View for Ethereum Classic

The RSI indicator for Ethereum Classic Token is currently transacting at 48.68 after having recovered from its oversold levels over the past few days. Thus, the altcoin is giving off a neutral signal. The MACD line of a daily chart is currently above the signal line but they are still below the zero line. This suggests that the momentum is bullish for the altcoin. The gradual rise in the size of green histograms on the daily chart is providing some respite to the Ethereum Classic Token investors as the altcoin looks well placed to continue its uptrend after today’s price action. The MACD and signal lines are on the verge of entering the positive territory as well.

Conclusion

Nonetheless, the Ethereum Classic Token has been building momentum for the past couple of weeks and looks poised to make a splash. Hence, we are likely to see prices moving upwards in the near future.

Support: $20-$15

Resistance: $27-$33

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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