Ethereum Classic Fleshes Strength After 2-Month Long Correction

The price of Ethereum Classic was at its resistance of $77 during the beginning of September, after which it constantly declined towards its support level. The coin was moving with downside momentum for the past two months. The ETC coin is currently revolving at the bottom horizontal line of $30, from where it may rise if it continues to recover further. The price was moving below the downtrend line extending from November 09, 2021; however, recently, the forming candles are outside the premises of the trend line and may follow an uptrend in the forthcoming days. The ETC price faced a 124% decline in the last two months. In the 4-hour chart, the coin has begun to show an upside move with the price rising from its support.

ETC Price ChartIf we look at the daily time frame, the MACD line crosses above the signal line, and the histogram chart showing green candles can signal bulls. Yesterday, the price of Ethereum Classic reflected a considerable hike and hit $34. However, ETC bears took the price to its support of $31 today; still, the coin holds the possibility of recovery. The RSI being at 45 is currently neutral, and no indication can make based on it. The volume is also in favor of bulls.

If we look at the weekly time frame, the ETC price got tested at the support line but failed to decline, and the coin is revolving at the support line. The technical indicators are still in the bearish zone, but the price may begin to rise once a bullish candle gets closed above the support line. 

The investors should wait for some time to confirm the price action before investing as in the current scenario; the forming candle is cresting indecision between the bears and the bulls. Visit here to know more about the future projections of ETC cryptocurrency. 

If the Ethereum Classic price continues to climb, a minimum target of $38 can be expected; however, if the coin descends, it may reach a minimum of $28.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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