- Ethereum Classic Coin finally overcame selling pressure by disrupting a descending parallel channel.
- ETC coin price is approaching the red clouds of the Ichimoku indicator in terms of the daily price chart.
- According to CMC, the market cap of Ethereum Classic coin has increased by 10.8% to $4.1 billion in the last 24 hours.
The Ethereum Classic investors eventually bailed on the selling pressure that had been building for over a month. The latest down-channel (yellow) regression saw a drop of roughly 53.64 percent while the selling rampage ended near $26-base, which has now transformed into the short-term bottom if bears attempt another pull-back.
ETC users have been seeking aggressive purchasing over the last four trading sessions. Prior to this reversal, ETC had a lift-off from its 3-month trendline support (now resistance) (white, dashed), resulting in a ROI of more than 110%.
During the parallel channel’s breakout, buyers managed the ETC price well in higher territory last night. Therefore, the market cap of ETC increased by 10% to $4.1 billion in the last 24 hours according to the CMC. Thus, the Ethereum Classic coin is trading at the $31.1 mark at the time of writing. Similarly, the ETC crypto belonging to the bitcoin pair is trading up 8.4% at 0.000788 Satoshis.
In terms of the daily price chart, the ETC price is heading towards the red cloud of the Ichimoku indicator, where the $31 to $38 zone may impact the bullish trend. However, the volatility remains low below the average moving line (blue). On the flip side, the trading volume jumped by 83% over the last night.
Technical Indicators Approach
The RSI recovered from the oversold level to a closing level of 44. To maintain the trend-changing surge on the charts, the bulls must increase trade volume.
Similarly, the ADX indicator is at 42 points at the time, with ETC supporting the bullish zone.
After a breakout of the descending parallel channel, a tussle between the bears and the bulls could lead to volatility in the $31 to $38 area. But a mark above $35 is taking ETC price above the supply zone (red box).
Support level – $25 and $20
Resistance level – 35 and $50