- The ETC price is trading at $15.08.
- The coin price trading in a parallel channel
- It was being traded with a volume of 83,018,825M in the last 24 hours.
Ethereum Classic (ETC): Technical Analysis
In December 2022, the ETC coin price formed support at $14.45. It commenced a bullish rally after a fall of almost 65%. It went upward and made the 2023 year high of $24.95. After reaching $24.95, the price started facing rejection. It showed a slight pullback and again tried to move in the upward direction.
This time the price faced rejection from the trendline and started to fall. The price also gave the breakdown of $14.45 support, but took immediate support from the $12.60 level. After taking support $12.60 level, it reclaimed the $14.45 support and initiated a bullish rally.
The price went up after reclaiming the $14.45 support and then it started to trade in a falling parallel channel.
Currently, the token price is still trading inside the falling parallel channel and is at $14.45 support. If the token value breaks below $14.45, it may go to its next support at the $12.60 level. However, it must close above the $17.20 resistance to be in bullish sentiment. Thus, it may rise to its next resistance at $20.
Technical Indicators’ Prediction About the Current Trend
The ETC price is trading below the 50 and 200 EMAs. It shows the bearish sentiment and the control of sellers over the price.
The relative strength index is at 39.86. The RSI line is in bearish territory. It has recently taken support from the 30 RSI level and started to trend in the upward direction. It indicates that the price is currently fully being influenced by the sellers. But if the RSI line continues to trend in the upward direction in the future, buyers can also start to influence the price.
The long/Short ratio of Ethereum Classic shows that both long and short positions are placed in almost equal amounts in the last 24 hours. Where long positions are of 49.74% and short positions are of 50.26%.
Conclusion
The Ethereum Classic coin price is in bearish sentiment at the press time. The sellers are shifting each higher low that the price made. The chances of the price to initiate a bullish rally are only when it closes above the $17.20 resistance. If the token price breaks below the $14.45 support, it may fall to its next support. Otherwise, the price can be trade in a range of $14.45 to $17.20.
Technical levels
Resistance levels: $17.20 and $20.
Support levels: $14.45 and $17.20.
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 or trading in crypto comes with a risk of financial loss.
