- BTC rises above $18,000.
- Market recovering from the debacle.
- Prices rose by more than 15%.
The market is waking up from the annus horribilis and recovering as the situations change for good. The Ethereum Classic (ETC) is on the rise by more than 15% for the past week. In the past week, the token has seen a surge and showed potential to reach new highs.
In the past, a CNBC host made a comment that made prices fling. The surge made prices reach the upper limit of the formed channel. The current prices show a struggle to burst out and form a bull run.
Monographic view
The ETC prices have formed a falling parallel channel with current action near the upper band. 200-EMA floats above the price action and can be claimed if the rise persists. The volume shows volatility and with an uptick in the OBV hints at further rally. If prices acn reach near the breakout level of $23.20, the rally may reach about $40.76, marking a solid bull run.
For the price rise, the CMF rises above the zero-mark and shows surging prices. It moves closer to the baseline to show a declining surge. The MACD recorded active buyers participating in the market, with the lines undergoing a bullish divergence. The RSI showed ascending buyers as it reached the ceiling range to display the same.
Microscopic view
The smaller time frame shows a hurdled rise in prices as sellers interact equally. The CMF revolves around the baseline to mark the neutral market. The MACD recorded diminishing interaction from both parties as the lines tangled together. The RSI, although in the upper half, slopes down as sellers influence the prices. The cumulative analysis shows the market is recovering at a slow pace but can see a price rocket if aforementioned price levels are attained.
Conclusion
The market can be set on the bull run if the price rally persists. The market is currently set on neutral but may go buyer dominant again. Holders to look out for the breakout level near $23.20.
Technical levels
Support levels: $15.00 and $10.50
Resistance levels: $26.70 and $34.30
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/2023/01/13/etc-itching-to-explode-can-break-the-ath/