- The ETC token price has given a breakdown from the ascending channel.
- The 200-day EMA is the support the ETC token price got in the current trading session.
Launched in July 2015, the Ethereum Classic (ETC) is the original Ethereum blockchain. It is a smart contract network with the primary function of hosting and supporting decentralized applications (DApps). The network was first set up to protect the integrity of the Ethereum blockchain after a hack led to the theft of 3.6 million ETH. ETC is the native token of this network with a maximum supply of 210.70 Million ETC.
ETC Token has Given Decent Profits In the Past Few Years
The ETC token price has given an all-time high return of 3373.14%. ETC is trusted by most of the crypto investors because of the name Ethereum itself. However, the ETC token price delivered only a 14.52% return last year.
Conversely, the six-month return of the ETC is set to be 63.49%, which is pretty decent for a cryptocurrency. It gave a 13.78% return in the last month during the formation of an ascending channel, leading the price in an upward direction.
The ETC token price has formed an ascending channel from the $21.72 initial demand level. Previously, the price made $32.45 a major resistance. Subsequently, it fell over 30% to the initial demand level, which will be essential in preventing the ETC token price from falling.
Moreover, the price faced resistance from the $27.93 level and fell below the ascending channel. The all-time high of the ETC token price is $176.16, and the current market price is moving 85.19% below it.
The ETC Token Price Technical Analysis
The ETC token price is moving in between the 50-day and the 200-day EMAs, reflecting uncertainty in the current trading session. However, the 200-day EMA is supporting the current market price and maintaining an uptrend.
As per the price action, the ETC token price has given the breakdown from the ascending channel. It got a bearish rejection from the $27.93 supply level, which is responsible for the breakdown of this channel.
At press time, the price is trading at $25.97. It experienced a positive reaction from the $25.24 support level. The Ethereum Classic price is moving in a decisional phase between the $27.93 and $24.48 levels. It will proceed further according to whichever way it breaks.
Furthermore, the relative strength index (RSI) shows a bearish divergence in the current trading session. The RSI slope is facing resistance from the signal line reflecting the selling pressure.
Conclusion
The ETC token price has given a breakdown from a year-long ascending channel. However, the structure did not give any confirmation of the breakdown, it can still move upward from the current trading level. If the ETC token price closes above $27.93, it will rise toward the $31.68 resistance. Or, if the price gives a breakdown of the $24.00 support level, it may be seen falling to the next support.
Technical Levels
- Resistance Levels: $27.93 and $32.45
- Support Levels: $24.00 and $21.72
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 stocks comes with a risk of financial loss.