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1 December 2022
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Ethereum

ETC Price Analysis: Ethereum Classic wards off bears to hold crucial levels 

•ETC/USD is currently priced at $28.25 and is up by 1.61% over the past 24 hours

•The trading volume has seen an increase of 30.05% over the last day

•Nascent bullish momentum seen in Ethereum Classic as the coin trades above the 20,50 SMA

Short Term View: Ethereum Classic bulls adamant on limiting the losses

Source: ETC/USD by TradingView 

The Ethereum Classic price today is $28.25 USD with a 24-hour trading volume of $430,725,557 USD. Ethereum Classic is up 1.61% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.1111 for the altcoin.

Ethereum Classic is trading significantly below its all time high of $176.16 which it reached on May 06, 2021 but is currently showing some strength as it looks to break out of the clutter. The trading volume has been on the rise over the last day as well and the technicals for the altcoin suggest a nascent bullish trend developing in the asset. Ethereum Classic Price is currently transacting above the 20,50 SMA on the 4 hour chart. Strong upside resistance resides at $35 for the asset while the support lies at the crucial mark of $25 which the bulls will need to defend dearly. 

Long Term View for Ethereum Classic Price 

Source: ETC/USD by TradingView 

The RSI for Ethereum Classic is currently transacting at 42.75 after recovering from its oversold positions. As a result of today’s price action, the RSI line has moved above the 14-day average line as well. On the other hand, a bullish crossover occurred two days ago on the daily chart, after which the green histograms have been observed to have been increasing in size as well. The movement of the MACD and signal lines into the positive territory would further the prospects of the altcoin in the near term. The altcoin is in the nascent stages of its recovery and looks poised to withstand the bearish pressure.

Conclusion 

A period of accumulation beckons for Ethereum Classic which would bring a consolidation move around $30 with the eventual breakout upward over the next few months expected. 

Support: $25

Resistance: $35

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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