Ethereum Classic’s price shows strength as it bounces from a downtrend range with high volume, aiming for a rally to $30.
Ethereum Classic faces a major test to trend higher above $30 after the price broke out of its descending triangle price movement.
Ethereum Classic’s price remains strong below the 50 and 200 Exponential Moving Averages (EMA) as it attempts to rally past these regions.
Ethereum Classic (ETC) has remained strong after breaking out of its downtrend descending triangle with good volume, with the price aiming to rally to $30. The cryptocurrency market has appeared more stable this week, with significant price movements in Bitcoin (BTC) and Ethereum (ETH). This new relief rally in the cryptocurrency market has benefited smaller coins like Ethereum Classic (ETC), which has shown real strength in breaking out of its long downtrend movement. (Data from Binance)
Ethereum Classic (ETC) Price Analysis On The Weekly Chart
Although many altcoins have struggled to trend in a range market, the price of ETC has seen more of a downtrend move despite showing some price movement to the upside, which was short-lived as the price was rejected.
ETC fell from an all-time high of more than $180 to a region of $41 before rallying to a high of $75; the price of ETC faced further rejection to a range low of $46, where it formed weak Support to hold sell-offs, but this proved futile as price continued to fall.
The price of ETC fell to a weekly low of $24 and immediately bounced, forming a price range in an attempt to break out.
With the market looking more promising, we could see ETC rally to a high of $30 with good volume, where the price has more room to trend higher.
Ethereum Classic has a favorable overall structure, with a high probability of price retesting the $30 and higher ranges following a successful breakout from the range low. If ETC fails to break and hold above $31, a retest of $24 is possible.
Weekly resistance for the price of ETC – $30-$31.
Weekly Support for the price of ETC – $24.
Price Analysis Of ETC On The Daily (1D) Chart
Daily ETC Price Chart | Source: ETCUSDT On Tradingview.com
In the daily timeframe, the price of ETC remains strong and trades below the key resistance levels after breaking out of its downtrend price movement with good volume as it attempts to rally to a high of $30, acting as key resistance to the price.
The price of ETC needs to break and close above 50 EMA, acting as a strong resistance for the price of ETC. The price of $28 corresponds to the value of 50 EMA, acting as resistance for the price to trend higher to a region of $32. The price of ETC closing above $32 is a good sign, as this is confirmed by the Fibonacci retracement value of 23.6%.
Daily resistance for the ETC price – $32.
Daily Support for the ETC price – $20.5.
Featured Image From zipmex, Charts From Tradingview