- Ethereum Classic Price has successfully escaped the falling wedge pattern and is now trading with uptrend momentum over the daily chart.
- ETC crypto has gained around 110% after escaping the falling wedge pattern.
- The pair of ETC/BTC is at 0.001022 BTC with an intraday drop of 2.77%.
Ethereum Classic price is facing correction in its price after a significant bullish rally. The token must sustain at the current level to avoid falling below the $20 mark. ETC crypto must accumulate buyers in order to sustain at the current level. The token should avoid getting caught in the short-sellers clutch. However, ETC has gained around 110% of its value in the last few trading days. The token is now falling with a distinct downtrend momentum. Meanwhile, ETC must surge towards recovery phase to maintain itself rigid and lasting.
At the moment, the cost of Ethereum Classic is $23.48, a 6.91% decrease from yesterday. The quantity of trades fell by 19.58% during intraday trading. This shows that buyers are getting into the deal to keep ETC where it is, but bears might scuttle everything by trying to withdraw the token. The volume to market cap ratio is 0.323.
ETC coin price must accumulate buyers to avoid falling significantly over the daily price chart. ETC crypto must gather support to avoid falling significantly over the chart. Meanwhile, volume change can be seen below average and needs to grow for ETC to sustain. ETC crypto has surged till $28.00 in the bullish rally after escaping the falling wedge. Since then, the token has fallen till the current level as bulls failed to sustain and bears have trapped the token to fall.
The ‘Tug of War’ Continues Among Bulls and Bears
ETC coin price must gather support from the bulls to surge back into the bullish rally and breakout of the resistance of $28.00. Technical indicators suggest the downtrend momentum of ETC coin. Relative Strength Index showcases the bearish momentum of ETC coin. RSI is at 70 and is about to be overbought any minute now. MACD exhibits the downtrend momentum of ETC coin. The MACD line is ahead of the signal line and is slowly approaching towards it. Bulls must sustain at the current level to let the token surge upwards.
Conclusion
Ethereum Classic price is facing correction in its price after a significant bullish rally. The token must sustain at the current level to avoid falling below the $20 mark. ETC crypto must accumulate buyers in order to sustain at the current level. The token should avoid getting caught in the short-sellers clutch. However, ETC has gained around 110% of its value in the last few trading days. ETC crypto has surged till $28.00 in the bullish rally after escaping the falling wedge. Since then, the token has fallen till the current level as bulls failed to sustain and bears have trapped the token to fall. Technical indicators suggest the downtrend momentum of ETC coin. The MACD line is ahead of the signal line and is slowly approaching towards it. Bulls must sustain at the current level to let the token surge upwards.
Technical Levels
Support Levels: $20.00 and $17.30
Resistance Levels: $25.00 and $28.00
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.
Source: https://www.thecoinrepublic.com/2022/07/21/ethereum-classics-price-analysis-will-this-bullish-move-of-etc-crypto-last-longer-than-enough/