Ethereum Classic Flashes Bullish Signs As Volume Rises; Will $32 be breached?
October 26 2022 - 08:00PM
NEWSBTC
ETC’s price shows strength as it bounces from a downtrend range
with high volume, aiming for a rally to $30. ETC faces a major test
to trend higher above $30 after the price broke out of its
descending triangle price movement. ETC’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) Related Reading: Hedera: A Quick Evaluation Of The Network
– And How HBAR Performed This Week 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. ETC 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 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. Related
Reading: Polkadot On A Bullish Run, Is This Price Level The New
Target? Featured Image From zipmex, Charts From Tradingview
Ethereum Classic (COIN:ETCUSD)
Historical Stock Chart
From Nov 2023 to Dec 2023
Ethereum Classic (COIN:ETCUSD)
Historical Stock Chart
From Dec 2022 to Dec 2023