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Ethereum Classic

Ethereum Classic Price Analysis: ETC bides time before the next upswing kicks in

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  • ETC price is stuck in a tight range between two key Fibo levels on the 12H chart.
  • Overbought conditions warrant caution but the coin defends key support so far.
  • Ethereum classic awaits fresh impetus for the next direction.

ETC/USD is lacking a clear directional bias so far this Saturday, licking its wounds after extending the corrective decline from lifetime highs of $184.81.

With retail investors looking for undervalued investment alternatives after the meteoritic rise in Bitcoin, Dogecoin, Ethereum among other cryptocurrencies, Ethereum Classic rose nearly 50% on Thursday, reaching the highest level on record.

The bulls took a breather thereafter, as the ETC price retraced nearly half the rally to record highs.

ETC/USD: Where are the prices headed next?

As observed on Ethereum Classic’s 12-hour chart, the price has managed to defend key support near the $111 mark, which is the 50% Fibonacci Retracement level of nearly 300% rally seen so far this month.

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Despite Friday’s sharp sell-off, ETC bulls recaptured the latter to settle the day at $119.91. At the time of writing, the coin is up nearly 1%, trading around $121 levels.

The price has formed a doji candlestick on the said time frame, suggesting that the bulls and bears appear to be fighting for control.

The 61.8% Fibonacci level of the same upsurge at $127.20 is limiting any upside attempt in the spot.

ETC/USD: 12-hour chart

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Amid the range play, traders are awaiting a strong catalyst for the next direction in prices.

However, with the relative strength index (RSI) hovering within the overbought territory, the ETC bulls remain cautious.

The corrective downside could regain traction only a 12-hour candlestick closing below the 50% Fibo level, which is likely to expose the $100 psychological level.

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The next downside target is envisioned around the  $94-84 region, which is the confluence of Thursday’s low and 38.2% Fibo level.

Alternatively, acceptance above the 61.8% Fibo level could reinforce the bullish momentum, with eyes once again on the $150 barrier. At that level, the 78.6% Fibo level coincides.

A sustained break above the latter could put the all-time highs at risk.

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ETC/USD: Additional levels to watch

ETC/USD

OVERVIEW
Today last price 118.4912
Today Daily Change 1.1405
Today Daily Change % 0.97
Today daily open 117.3507
TRENDS
Daily SMA20 48.8042
Daily SMA50 29.727
Daily SMA100 20.5091
Daily SMA200 13.3632
LEVELS
Previous Daily High 141.425
Previous Daily Low 106.2547
Previous Weekly High 164.715
Previous Weekly Low 41.0191
Previous Monthly High 47.1387
Previous Monthly Low 13.3169
Daily Fibonacci 38.2% 119.6897
Daily Fibonacci 61.8% 127.9899
Daily Pivot Point S1 101.9286
Daily Pivot Point S2 86.5065
Daily Pivot Point S3 66.7583
Daily Pivot Point R1 137.0989
Daily Pivot Point R2 156.8471
Daily Pivot Point R3 172.2692

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Ethereum Classic

Sellers hold the aces in Ethereum Classic’s market, but it might not be game over

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There hasn’t been much interest from retail traders in Ethereum Classic’s market. As a result, low volatility has kept the price restricted within the channel of $53.8 and $60.6 over the past week and a half. However, ETC has been taking shape within a symmetrical triangle. It presented chances of an incoming price swing.

Considering the current market dynamics, sellers can be expected to tip the scales in their favor, but a bullish argument also seems justifiable. At the time of writing, ETC was valued at $57.7, down by a marginal 0.5% over the last 24 hours.

Ethereum Classic 4-hour Chart

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Source: ETC/USD, TradingView

A series of lower highs and higher lows gave rise to a symmetrical triangle on ETC’s 4-hour chart. The pattern was considered bearish in this situation since it took shape right after 7 September’s drawdown. Moreover, sellers would face the easier task of triggering a breakdown from this setup. The daily 20 and 50 Simple Moving Average lines ran bearish as momentum aided the bears.

If the price does break below the lower trendline, a 13% decline would be possible towards the $48-mark. A close under $53.5 would confirm such an outcome.

On the other hand, a few of ETC’s indicators seemed to disagree with such a prediction. If the triangle functions as a reversal pattern, ETC would eye a 7% hike to 8 August’s swing high of $63.4. A close above $59 on relatively stronger volumes would heighten the chances of a bullish prediction.

Reasoning 

A look at ETC’s On Balance Volume painted a rather concerning picture. Based on its recent trajectory, there has been a dearth of buying pressure in the market, with sellers maintaining an advantage. However, a few other indicators seemed to disagree.

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Higher lows were observed on the RSI after it recovered from an overbought reading 10 days ago. The index even managed to climb above 60 recently – A sign that the market was strengthening.

Such a trajectory was also seen on the MACD. The index climbed towards the half-line, although momentum was flat over the past few sessions.

Conclusion

As ETC oscillated within a symmetrical triangle, its indicators flashed mixed signals and a breakout in either direction can be expected at this point. Although chances of a downwards move seemed higher, a bullish outcome cannot be discounted.

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Traders should keep an eye on the aforementioned levels to get a better understanding of where ETC is heading.

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Ethereum Classic

Ethereum Classic Price Setup Looking Bearish, As Dragged Below Major DMA lines.

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tradingview

Ethereum classic price is struggling near its 50 and 100-day moving average line after a massive selloff from the higher side. The crypto asset at the monthly chart fails to hold its major DMA lines of 20, 50 and 100-Day lines, with a near-average volume line. Whereas the coin slipped below major DMA makes its short term trend bearish but still maintaining above 200-DAM lines.

If the coin manages to hold its 50 and 100-DMA lines with positive volume action, we can soon see a good recovery. Support on the lower side is $52.30 and $47.90, whereas resistance on the higher side is $61.20 and $69.90.

Ethereum classic price at the weekly chart is sideways

tradingview

Ethereum classic price at the weekly chart is sideways, whereas the technical parameters also project mixed signals. The coin is continuously taking support of the lower support zone, and if the coin manages to hold, we can witness intense buying action. The technical parameters are also favouring sideways motion at the 4-hour time frame with average volume action. Presently, the Ethereum Classic is trading at $57.02 with a flat intraday action of -6.02%, and the volume to market cap ratio is at 0.162 

Relative Strength Index (NEUTRAL): Etherum classic price RSI presently indicates a sideways trend after consolidation over the weekly chart. In contrast, the RSI trades at the neutral zone near the oversold area and now CMP at 36. 

Moving Average Convergence Divergence (MIXED): The daily chart indicates a mixed trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) and the seller’s line (red) overlaps.   

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Support levels: $52.30 and $47.90

Resistance levels:$61.20 and $69.90.

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Ethereum Classic

Ethereum Classic, Solana, Binance Coin Price Analysis: 05 September

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As Bitcoin and Ethereum have consistently remained choppy over the past few days, mixed trading patterns were spotted on certain altcoin movements. A wide number of altcoins were in price consolidation.

Ethereum Classic was trading close to the support level of $67.36,while Binance Coin’s resistance stood at $517.20. Solana, over the last 24 hours, lost momentum and fell by 4.7%. 

Ethereum Classic (ETC)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

ETC/USD, TradingView


Ethereum Classic was in a state of consolidation over the past day. It was trading at $68.60 after noting a decline of 0.6%. At the current level ETC stands notches below its weekly high. The immediate support lay at $67.36 and continued downward movement would drag ETC to $58.09, which is the lowest that Ethereum has traded in about a month. 

Technical charts indicated bearishness in the market. MACD noticed red bars on its histogram, after a bearish crossover. Chaikin Money Flow stood below the half-line for the first time this month, indicating a considerable drop in capital inflows.

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Awesome Oscillator flashed red signal bars affirming the same. In the event of Ethereum Classic breaking consolidation on the upside, it might revisit $75.04. 

In latest news, Ethereum Classic was afflicted by the Geth exploit due to which Ethereum too had suffered a week ago. 

Solana (SOL)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

SOL/USD, TradingView

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Solana declined by 4.7% on its chart over the last 24 hours and was priced at $139.30. The altcoin which secured a fresh all-time high yesterday was seen moving closer to the support line of $125.95. A dip below $125.95 could cause SOL to trade at $99.92, a level the altcoin last touched a week back. 

MACD displayed red bars on its histograms. Awesome Oscillator also noted red signal bars indicating a bearish price move in the market.

Relative Strength Index, however, still remained bullish at 60. An upturn in prices could propel SOL to retest its immediate resistance of $144.54 and then $158.40. 

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As Solana secured a fresh all-time high yesterday, it surpassed Dogecoin’s market capitalization, and stood at the number 7 position on CoinGecko. 

Binance Coin (BNB)

Ethereum Classic, Solana and Binance Coin Price Analysis: 05 September

BNB/USD, TradingView


Binance Coin also recorded a range-bound price movement and rose minorly on its chart. The altcoin was trading at $491.99. Its overhead resistance lay at $517.20. Bollinger Bands remained constricted indicating consolidated price action. The anticipated price range for BNB would be $491.99 and $460.42. 

Green bars on the MACD histogram receded over the past trading sessions. Relative Strength was also nearing the half-line, although, at the time of writing it stood above the 50-mark. 

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In the event of Binance Coin dipping, its first support level stood at $460.42, which also marks its two-week low price. Failing to sustain over the aforementioned price floor, BNB could aim for $433.54.

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