After a brief lackluster behavior on the crypto markets, ETC now attempts to reach new heights. It has jumped from the lows of $32.25 on June 22 to above $62 within nine days. It is a massive 92% return for investors; Ethereum Classic is showing no signs of stopping. Over the last 24 hours, the ETC coin price was up by 35%. The uptrend rally is far from over, and the indicators show a potential to break all barriers. The next resistance will be instrumental in deciding the time frame required by ETC to reach new heights.
It has zoomed past the resistance at 100 Day Moving Average and seems to have taken support from this moving average. Any downswing towards the 100 DMA line should be considered as a buying opportunity. There are no more weaknesses in this crypto asset in terms of price action. But technical analysis has a lot more depth to share. Continue ahead for a detailed Ethereum Classic price analysis through the lens of technical indicators.
ETC Technical Analysis
We are using moving averages, the previous consolidation zones, to explain the current up move strength. This movement wouldn’t be without swing as a positive up move of such magnitude calls for a profit bookings scenario.
100 Day Moving Average- $50
200 Day Moving Average- $30
Immediate Resistance Levels- $83
Immediate Support Levels- $50
Strong Support Levels- $33
Ethereum Classic has turned heads, as this cryptocurrency has outperformed even the larger known crypto assets by a huge margin. From the current levels of close to $60, the upside of $83 promises a decent reward of above 33%, with the risk of falling to the $50 levels has turned into a support zone in theory. In case of a bounce back from the $50 levels only, we can ascertain the 100 DMA as a support zone with practical evidence.
The road to $83 wouldn’t be without swings, and the longer the swings, the better will be investor interest and strength, a sudden rise to such levels will prompt the return of profit bookers. Investors should take this cue as a buying opportunity and start making purchases to average out the value till it crosses the upcoming resistance zone of $80.
The MACD indicator is also showcasing strength in rising and change in momentum. Each green candle within the curve indicates the upside rise’s strength; lighter shades of green will indicate a slowdown of trend. The red candles will only indicate the trend change on the inverse side of the histogram curve.
The trend reversal of Ethereum Classic has happened in the last few days, with the strength in action starting tomorrow. The momentum and swings are easily visible on the Heikin Ashi charts, with ETC making higher highs in each swing. The main indicator is the volumes, considering over ten times volumes of a normal day have moved ETC to new heights, meaning a huge amount of ETC coins were purchased at 00 hours on June 30.
Buyers at such levels will surely be holding their investments for a larger gain. All of these events and indicators point towards the positive sentiment of investors on ETC. Any downswing can push ETC down to $55, which would still be 10% above the 100 DMA support. RSI is even indicating over buying at current levels, which are informing about the rise in buying action and transaction volumes of ETC. The continued rise of volumes and RSI will further create a positive outlook on this crypto asset.
According to our Ethereum Classic prediction, we recommend considering the RSI to drop towards the 60s and make a purchase at a level that converges both RSI, increasing volumes and starting a new swing.