ETC Technical Analysis: $33 Retest Teases A Bull Run To $50
Table of contents
Key Technical Points:
Past Performance of ETC
As teased in our previous article, the ETC price action gives the bullish breakout of the consolidation range below the 200-day SMA. The unleashed bullish momentum fueled the breakout rally, which broke the 200-day SMA and the $40 mark. However, the prices to higher price rejection from the $44 mark resulted in a retest of the $33 breakout but the prevailing trend rebounded with a successful post-retest reversal.
Source - Tradingview
ETC Technical Analysis
Last night, the ETC price jumped by 10%, undermining the higher price rejections the previous week during the consolidation between $33 and $38. Hence the likelihood of a bullish trend continuation above the $38 mark increases.
Furthermore, the bullish crossover of the 50 and 100-day average line reflects an improvement in the underlying bullish sentiments.
The RSI slope shows a sideways trend near the overbought boundary after retracing over the week. Moreover, the fast and slow lines in the MACD indicator struggled to avoid a bearish crossover. Hence, the technical indicators, as slightly opposite to the price action, and Alices reflect a momentary weakness in the underlying bullishness.
In a nutshell, the ETC technical analysis advises the traders to wait for a price action confirmation before taking a bullish trade.
Upcoming Trend
If the ETC price sustains above the $38 mark, an uptrend continuation to the psychological mark of $50 seems possible.
However, a bearish reversal might further continue the sideways trend between $33 and $38.
Resistance Levels: $38 and $44
Support Levels: $33 and $28