Will ETC Smash $30 Mark?

Ethereum Classic is trading in an uptrend by making a higher high structure. Recently, the price touched a high of $32 and faced a mild correction after that. 

At the time of writing, the ETC price is trading at the level of $25.50 with an intraday drop of 1.47%. It shows bears are aggressive in the recent sessions. The market cap is down by 1.62%, and the volume is down by 1.05% in the previous 24 hours. 

According to the Coingecko data, the highest price reached by the ETC is $167.09, which happened in May 2021, approximately 3 years ago, and the price is 84.68% lower than the time high.

Furthermore, the all-time low price of ETC is $0.615, which was noticed on July 25, 2016, and the price is up by approx 4000.12%, indicating spectacular growth.

The performance of the coin throughout the year is decent, as year-to-date, it gave a return of 16.66%; in 6 months, it gave a return of 52.96%, and in the previous three months, it gave a return of 28.06%. 

However, the coin has shown a slight weakness in recent weeks as it gave a negative return of 11.83% last month but grew by 2.36% last week. 

Technical Analysis Of the Ethereum Classic Price

The ETC price is trading above the key moving averages, showcasing that bulls still support the price. Moreover, the price needs an influx of buyers to reach the upper threshold and bounce back from the current support levels.

The RSI curve is trading in the neutrality zone, showing neither bulls nor bears are controlling the momentum. The faith in the price will depend upon its direction in upcoming sessions.

The MACD is also trading near the zero line, showing a neutral perspective on the trend. Overall, the Ethereum Classic trend is neutral, and traders and investors should wait for the proper direction of the price.

Moreover, if the price breaks the current dynamic supports, it might soon reach lower levels. However, the bulls are still active on the lower levels, so it is difficult to lower the price.

Summary 

The ETC price analysis indicates that the price is trading in a mild bearishness, but buyers are still active. The critical indicators like MACD, RSI, and the EMAs show neutrality on the daily charts. The price action suggests that the price might bounce back from the current levels soon and needs support from the buyers.

Technical Levels

Support- $23.91 and $22.24.

Resistance- $26.90 and $32.34.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.