ETC Technical Analysis: With A 25% jump, ETC Prepares To Reach $50

ETC prices jumped remarkably last night, resulting in a 22% hike and a bullish engulfing candle crossing above $38. Moreover, the bullish follow-through candle exceeds $40 and might shortly reach the $44.8 overhead resistance. So, will the buying pressure sustain to reclaim the psychological mark of $50?

Key Points:

Source - TradingView

ETC Technical Analysis

The ETC price sustains above the 200-day EMA and the $30 mark after the recent rising wedge fallout, accounting for a price drop of 30%. However, the consolidation range between $30 and $33 levels led to a bullish breakout with the support of the 50-day EMA.

With a 22% jump overnight, the bullish engulfing candle results in the consolidation range breakout and exceeds the $38 mark. Furthermore, the bullish follow-through candle shows its 4% growth today and exceeds the psychological mark of $40.

Additionally, the spike in the intraday trading volume supporting the bullish candle increases the likelihood of an uptrend to the next resistance level of $44.80. If the buying pressure sustains, Ethereum Classic prices might reach the psychological mark of $50 after exceeding the $44.80 level.

On a negative note, a bullish failure will retest the broken horizontal level of $38.47.

Technical Indicators

The MACD indicator signal is an increase in the buying pressure as the fast and slow lines give a bullish crossover with a rise in bullish histograms.

Furthermore, the daily RSI slope spikes higher into the nearly overbought zone, ready to exceed the 70% level. Hence the technical indicators reflect a buying opportunity with the potential of reclaiming the psychological mark of $50.

Resistance levels - $4.27 and $5

Support levels - $3.90 and $3.80