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Vikram
Jul 22, 2022
by Vikram

ETC Technical Analysis: 25% Uptrend Potential If Prices Break $28

Ethereum Classic Technical Analysis

Table of contents

  1. Ethereum Classic (ETC) Technical Analysis
  2. Upcoming Trend
According to the Ethereum Classic technical analysis, ETC prices exceed the 100-day SMA as the bull run gains momentum, teasing a price jump to the $34 mark.

Key Technical Points:

  • The ETC prices jumped by 24.65% in the last 24 hours.

  • The market value of Ethereum Classic surpasses the 100-day SMA.

  • The 24-hour trading volume of Ethereum Classic is $403 Million, indicating a drop of 10%.

    • Past Performance of ETC

    Ethereum Classic (ETC) price reverses from the $13.3 support level to exceed the 50 and 100-day SMA, accounting for a 95% jump in the last ten days. As we mentioned in our previous article, the $24 resistance level has been a crucial obstacle that the current bull run has defeated. Furthermore, the bull run retests the 100-day SMA and prepares to exceed the 200-day SMA at $28.

    TradingView Chart

    Source - Tradingview

    Ethereum Classic (ETC) Technical Analysis

    The Ethereum Classic (ETC) prices remain within the 50 and 100-day SMA, but the increasing demand and improving market conditions tease a bullish breakout. However, the trading volume showcases a lack of bullish support with the declining trend.

    The RSI indicator reflects a sustains in the overbought zone reflects a boom in the underlying bullishness. However, the slope declines within the zone, reflecting a slight weakness in bullish sentiments.

    Furthermore, the MACD indicator showcases the fast and slow lines display a bullish trend in the positive zone, reflecting an increase in buying pressure. Hence, the momentum indicators maintain an optimistic viewpoint for the upcoming trend.

    In a nutshell, the Ethereum Classic (ETC) technical analysis suggests an uptrend continuation to the $33 mark.

    Upcoming Trend

    If the buying pressure drives the ETC prices above the $28 mark, the market price will skyrocket to the $33 mark. However, if the 200-day SMA starts a bearish reversal, a downfall to $24 seems inevitable.

    Resistance Levels: $30 and $34

    Support Levels: $24 and $20

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    ETC Technical Analysis: 25% Uptrend Potential If Prices Break $28
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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