Ethereum Classic Price Analysis: The Technical Chart Represent The Confusion Of Market By Several Doji Type Candles At The $48.5 Mark

Source- ETC/USD on Tradingview

After rejecting the $62 resistance level, the ETC coin price plunges to the crucial support of the $48.5 level. Currently, the chart shows several Doji type candles at this level, indicating some confusion among the market participants. However, the diminishing volume when the price was on the course moving down states a lack of interest in the market participant being bear, which usually suggests a reversal. And therefore, the price might bounce from this level.

Regarding the EMA’s: The ETC coin is trading below critical EMA’s 20, 50, and 100, indicating a bearish trend. Moreover, the chart shows that the 20 and 100 EMA are on the verge of giving a bearish crossover, attracting more sellers to the market. However, the 200 EMA stands firmly below the price to defend the bull from the vigorous fall.

The RSI (BEARISH) current value is 45, indicating a bearish sentiment in the market.

ETC Coin Brings An Excellent Long Opportunity With Its Falling Wedge Pattern

Source- ETC/USD on Tradingview

The ETC coin price continues to resonate in its falling wedge pattern in the 4hr time frame. This pattern usually gives an upside breakout and can provide an excellent long opportunity for ETC traders if they get a strong breakout from the overhead resistance.

The MACD indicator (BEARISH) shows a bearish sentiment in the coin as both the MACD line and signal line have moved below the neutral zone, although these two lines have given a bullish crossover which stated a buy signal. However, the current rejection of the price from the resistance trendline shows its effect on the MACD indicator as it shows a possibility of a bearish crossover.

Conclusion: From the technical perspective, the overall trend for the ETC coin is still bearish. However, the Doji candles near the $48 support and the falling wedge in the 4hr time frame chart has provided some hope to the ETC bulls by showing them a great long opportunity if the pattern gives a strong breakout.

Support: $48, $45

Resistance: $53

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