ETC Technical Analysis: Volatile Price Movement, No Clear Direction
Let us look at the technical analysis of ETC.
Past Performance
The ETC opened on November 4, 2021, at $55.52. It closed on November 10, 2021, at $56.77. This was only a change of 2.25% across the week. The 24-hr low is $52.79, whereas the 24-hr high is $64.49.
ETC Technical Analysis
The price movement these days is quite volatile. It is increasing and then decreasing, not following a particular trend. In the coming days, the price is again expected to decline. The current trading price of ETC is $56.68, which is 0.09% higher than the previous day’s close.
The OBV indicator is showing that the bulls are taking control of the market today. If the bulls manage to break the resistance at $56.92, then a significant increase may be seen in the price.
The RSI is also showing that the bulls are gaining strength, and the price is likely to move up. However, there is no significant increase in the price today as of now.
The MACD graph is showing that the MACD line and the Signal line are moving horizontally. This is a neutral signal, and a clear call cannot be made based on this alone.
The ETC cooperative website has made an announcement stating, “We are pleased to announce that Rivet will be operating this service in the very near future. We are delighted to work with Rivet and look forward to a much smoother ride in the coming months to the benefit of the whole ETC ecosystem…”
Day-Ahead and Tomorrow
Fib numbers are showing that the ETC price is currently being tested at the pivot point at $58.79. If the price crosses this level, it will have crossed all the current Fib levels.
The oscillators are giving bullish signals for the ETC price chart. This is a signal that the traders may take a long position. However, the traders must keep their eye on the price chart as it has proved to be very volatile in recent days. They can keep their target at $60 while keeping a stop-loss at $50.