- ETC price is currently trading at $21.69 with a decrease of -2.38% in the intraday session.
- The 24 hour trading volume of ETC has increased by 19.93%.
- The 24 hour low of the price is $21.67 and the 24 hour high of the price is $22.46.
The ETC price has been in a narrow consolidating zone since the beginning of 2023. The ethereum classic has been moving sideways in a range of $17 to $24. Recently ETC price created a strong support at $20.30 level so as to gain bullish momentum to retest the three month resistance again.
The Ethereum classic price has broken above the $21.30 and showed positive sentiment that this retest might break the three month resistance level. The likelihood of breaking the resistance appeared better than the previous attempts.
AS BTC gained bullish momentum last week, the ethereum classic alongside bitcoin climbed 12% from the Monday lows. Retail traders can look forward to two trading scenarios, firstly that the ETC price rejects the $24 level and comes straight down to $20 level while the second states that the breakout happens and price crosses the $24 level.
At this moment price has shown participation of bears as price hovers around supply zone rejecting the $23 level and formation of shooting star candle which indicated a reversal. The current bullishness in the market dictates that this might be a pullback for the price to form a strong support and again retest the $24 level resistance and hopefully break out of this consolidation zone. The current market scenario for Ethereum classic price is indecisive and traders should wait for confirmation before looking for a bid. The bullish seems to be in decline for ethereum classic .
Technical Analysis of Ethereum Classic:
The RSI curve has climbed up to 64.03 and started to dip as the ETC price rejected the $23 level. The RSI curve is currently at 56.25 and showing bearish momentum. The RSI curve will soon reach the neutral territory if price can break the $21 level.
The long/short ratio for Ethereum classic for 12 hours is 0.94 with longs of 48.56% and shorts of 51.66% indicating more bearish pressure in the ethereum classic market. As BTC price falls below the $30000 level, the total liquidation of ETC consisted of $56.5 Million longs and $11.48 shorts.
The ETC also crossed the upper band of bollinger which resulted in the pullback and is headed towards the 20 day SMA which has previously acted as the support for the price. The price has also rejected the $21.50 level on the daily basis midst of bearish pressure.
Conclusion:
The overall market sentiment for ethereum classic is bullish. The Ethereum classic price is currently hovering around the three months resistance level looking for a breakout if bullish pressure rises. The market structure and price action for ethereum classic has recently turned bearish after getting rejected from the $23 price level.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.