ETC Technical Analysis: Bullish Failure Retests $33.5

Key technical points:

Past Performance of ETC

Failing to surpass the psychological mark of $50, the ETC market price falls drastically over the past month resulting in the breakout of multiple support levels. The bearish trend deflates the market value by 40% in the last month starting with an evening star pattern at $50. However, the falling trend halts with a lower price rejection at $24 and restarts another failed bullish endeavor. The reversal fails to surpass the 50-day EMA resulting in a long-wick bearish candle cracking under the $28 mark.

Source-Tradingview

ETC Technical Analysis 

ETC prices an overnight increase in selling pressure evident by the jump in trading volume, increasing the chances of a downfall to the $24 mark. However, the increased trend momentum might struggle to surpass the bullish barrier at $24 as it remains a vital level to buy the dip.

Facing higher price rejection at 50 EMA after the bearish crossover with the 100 EMA reflects the role of dynamic resistance by the average lines. On a side note, the EMAs regain the bearish alignment after the failed golden crossover attempt.

The MACD and signal lines maintain the possibility of a bullish crossover as they remain merged in the negative territory. However, the trend continuing below $28 will help retain the bearish alignment and continue the negative trend of histograms.

The daily RSI slope shows a sharp fall from the halfway line and is ready to crack below the 14-day SMA as the selling pressure grows. Moreover, the recent fall undermines the previous bullish divergence near the oversold boundary.

In a nutshell, ETC technical analysis shows a downtrend possibility below the $24 mark.

Upcoming Trend 

ETC price faces an overnight bearish attack abruptly stopping the bullish recovery and breaking under the $28 support level, projecting a potential fall to $24. However, the increasing selling pressure warns of the $24 fallout which will drive the market value to $20.

Support Levels: $24 and $20

Resistance Levels: $30 and $33.5