Ethereum Classic has been gaining traction since the price bounced quickly from a monthly dip. That bounce brought over a 60% recovery to its price as it soared to a three-month resistance – it is now rejected.
Following the negative actions that hit the market in the past months, ETC’s price crashed and retested the 2022 low of $12.5. It saw a quick recovery there and consolidated for a week before advancing near the $20 level last week.
It pulled back from this level and established another support at $17. The price showed strength again and started to gain momentum on Thursday. This increase saw the price to a daily high of $23.2 before dropping due to a sudden rejection.
Meanwhile, it has formed a bullish pattern on the daily timeframe, but the price is yet to break out of the structure. An increase above February’s high should confirm a mid-term rally to $30 and possibly $36 in the next couple of months.
If the current daily candle closes with an inverse pin bar, it may initiate another leg down to March’s low of $16 before locating support. Currently, the momentum has dropped seriously due to weakness in buying.
For now, the four-month bearish heat is cooled off but the price is still trading in a bearish zone from a long-term perspective. The $12 level remains a vital support to watch for a potential breakdown.
ETC’s Key Level To Watch
While the $23.1 level is rejected, the key resistance level to keep in mind for a breakup is $25 in case of more recovery. The $27.2 level is the next resistance to key an eye on for continuation.
The $19.8 level currently serves as support for pullbacks. If the level fails to contain selling, the next levels to consider are $18 and $17. Another support is found at $15.5.
Key Resistance Levels: $23.1, $25, $27.2
Key Support Levels: $19.8, $17, $15.5
- Spot Price: $20.9
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, and Metaverse news!
Image Source: maximusnd/123RF// Image Effects by Colorcinch
