Ethereum Classic Displayed Double-Digit Gains; What’s Next!
February 02 2022 - 8:00PM
NEWSBTC
Ethereum Classic had experienced a sharp fall in prices on the 17th
January, however, at press time ETC was seen recovering. Over the
last 24 hours, ETC had gained close to 7% and was seen trading at
$28. In the past week, ETC logged gains of about 17% and had broken
past the $25 price mark. ETC struggled near the aforementioned
price level for the past few weeks. However, with close to 17%
gains in the past seven days ETC has now managed to break the
downtrend. Bitcoin was bordering $39k at the time of writing. As
Bitcoin had climbed up on its chart, major altcoins followed the
same price movement. Price Analysis: ETC/USD Four Hour Chart At the
time of writing, ETC was priced at $28. In the past trading
sessions, the coin was seen oscillating between $25 and $27 price
levels respectively. Immediate resistance for ETC was at $30.31 and
additional resistance marks for the coin stood at $34.22 and then
at $38.68. On the flipside, ETC was resting in the support line of
$25.84. For Ethereum Classic to move past the immediate resistance
level of $30.31. The coin has to continue to trade above the $28
mark and form higher highs and lows. ETC hadn’t traded beneath the
$28 mark since January 18, the coin’s value dropped as the coin met
with an intense sell-off. Over the past week, ETC buying pressure
rose slowly and at press time, the asset stood near the overbought
zone. Related Reading | Bitcoin Steadies At $37,000, But What Are
Options Traders Doing? The Relative Strength Index was parked above
the 80-mark, which meant that the asset was overvalued at the time
of writing. RSI was last seen hovering around the same level last
in the month of November. A push from the buyers can also correct
ETC’s prices over the upcoming trading sessions. On Balance Volume
also recovered considerably as OBV had met with an uptick which
signalled and volume inflow had increased, which signified
bullishness in the market. Awesome Oscillator depicted green signal
bars which were seen amplifying at press time. The technical
outlook for Ethereum Classic remained quite optimistic. With
continued demand, ETC could soon trade above the immediate
resistance mark. What’s Next For Ethereum Classic Ethereum Classic
was moving close to the $28 mark, however, in the last few days,
ETC witnessed price action around the same area. Fibonacci
Retracement was strong at 50% level. A fall from the current price
level would push ETC back to $25 and then finally to $22. A move
above the current price level might cause ETC to experience another
pullback at $31.80 at the 78.6% Fibonacci level. A major resistance
point for ETC lay at $34.55 level, Ethereum Classic last traded at
this price mark just a few weeks back in early January. Strength
from the broader crypto market would be required for Ethereum
Classic to continue trading in an upward direction. If Bitcoin
trades above the $40k mark, then major altcoins could also remain
optimistic on their charts. Related Reading | TG DAO 3.0: How a
Truly Decentralized Organization Works
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