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Ethereum Classic

Ethereum Classic Price Analysis: It isn’t easy for ETC holders to ascend, as Bears Aren’t Allowing Them

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  • The Ethereum Classic coin gained almost 15% last night, but the bulls were rejected to keep the price on the higher zone.
  • Last night, ETH investors found rejection near the 20-day exponential moving average on the daily price chart.
  • The price of Bitcoin pairing with ETH coin is 4% higher at 0.0007382 Satoshis.

From $52 on March 29 to $16 on April 1, Ethereum Classic (ETC) dropped sharply. This mark has now turned into an important support measure. In the bull market, the price is trying to recover from resistance around the $23 level.

Source: ETC/USDT by tradingview 

ETC holders continue to push the altcoin price towards a higher outlook after the 90-day low of $16 mark, but the buying force still seems weak amid the bulls and bears battle.

After 9 weeks of selloff, ETC coin sees a green market in the first 2 days of this week. Thus, the altcoin recovered around 2.7% this week while managing costs well above the uptrend line.

Despite yesterday’s bullish momentum, the Ethereum Classic coin is trading at the $21.6 mark at the time of writing. However, over the last 24 hours, CMC data shows a neutral change in the market cap. But on the other hand, bitcoin price is 4% higher with ETH coin at 0.0007382 Satoshis.

Last night’s traders saw highly volatile sessions over the past two weeks, thus, increasing the trading volume by over 100%. Meanwhile, ETH investors found rejection near the 20-day exponential moving average on the daily price chart, which is still to be breached.

Bullish Call Above 20 EMA

Source: ETC/USDT by tradingview

In terms of the daily price chart, the RSI indicator is trending towards a semi-line (50 points) where the MACD has already generated a bullish crossover to the downside zone.

Conclusion

However, technicals such as the RSI and MACD show bullish signals for the Ethereum Classic coin. But on the contrary, the bulls are struggling to regain dominance of the altcoin near the 20 EMA.

Technical Levels

Support level – $20 and $16

Resistance level – 25 and $30

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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