Ethereum Classic Price Analysis: ETC Resolves Speculators' Confusion on What to Look Forward to

The price of Ethereum Classic is up 72% in the last seven days.
ETC coin price is trading above important moving averages on the daily price chart.
The price of the Ethereum Classic coin with the Ethereum pair is up 27.8% at 0.02549 ETH.

The Ethereum Classic coin has exploded over the past few days, where short-sellers are afraid to attempt any selloff. ETC coin is showing strong bullish momentum in recent days. Amid a bullish rally, speculators saw a 100-day high at $44.8 mark today, and buyers may see another top in the intraday trading session as per the price action.

Before the bullrun, buyers struggled with a sell-off until June, as a result, ETC price hit a 52-week low of the $12.6 mark. The 2022 low turned into a buyer’s demand zone, therefore, the altcoin price surged and gained over 220% from its 30-day low. Meanwhile, at the time of writing, ETC was trading at the $44 mark.

The last 3 green candles show the dominance of buyers on the Ethereum Classic coin. Also, buyers broke above bullish barriers like $30 and $38 with massive trading volume while the price is approaching the next resistance near $50. Moreover, the price of Ethereum Classic coin with Ethereum pair is up by 27.8% at 0.02549 ETH.

The market cap is extremely green by 34% in the last 24 hours and is set to be worth $6 billion in the new few days. Nowadays, trading volume suggests a higher than average buy. Last night was a very volatile session in the last 12 months. This sudden buying influences further sustainable bullish rally.

Important moving averages such as 20, 50, 100 and 200 are well below the current price of the Ethereum Classic coin during the daily price chart.

How Can Retracement Occur?

The daily RSI is moving into the highly overbought zone. The RSI indicator may not stay here for long, hence, buyers could see a minor pullback near the $50 resistance. Moreover, MACD is moving higher.

Conclusion

The Ethereum Classic coin noted an amazing rally over the past few days. Nevertheless, buyers are looking aggressive to hit the next resistance level of $50. Furthermore, the RSI indicator has moved into an overbought zone, so a pullback is likely near the next bullish barrier.

Support level – $25 and $20

Resistance level – 50 and $75

Disclaimer

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