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Analysis

Ethereum Classic Displayed Double-Digit Gains; What’s Next!

Ethereum Classic had skilled a pointy fall in costs on the seventeenth January, nonetheless, at press time ETC was seen recovering. Over the final 24 hours, ETC had gained near 7% and was seen buying and selling at $28. In the previous week, ETC logged positive aspects of about 17% and had damaged previous the $25 price mark.

ETC struggled close to the aforementioned price degree for the previous few weeks. However, with near 17% positive aspects previously seven days ETC has now managed to interrupt the downtrend. Bitcoin was bordering $39k on the time of writing. As Bitcoin had climbed up on its chart, main altcoins adopted the identical price motion.

Price Analysis: ETC/USD Four Hour Chart

Source: TradingView ETC/USD

At the time of writing, ETC was priced at $28. In the previous buying and selling classes, the coin was seen oscillating between $25 and $27 price ranges respectively. Immediate resistance for ETC was at $30.31 and extra resistance marks for the coin stood at $34.22 after which at $38.68.

On the flipside, ETC was resting within the help line of $25.84. For Ethereum Classic to maneuver previous the speedy resistance degree of $30.31. The coin has to proceed to commerce above the $28 mark and type larger highs and lows.

ETC hadn’t traded beneath the $28 mark since January 18, the coin’s worth dropped because the coin met with an intense sell-off. Over the previous week, ETC shopping for strain rose slowly and at press time, the asset stood close to the overbought zone.

Related Reading | Bitcoin Steadies At $37,000, But What Are Options Traders Doing?

The Relative Strength Index was parked above the 80-mark, which meant that the asset was overvalued on the time of writing. RSI was final seen hovering across the similar degree final within the month of November. A push from the consumers can even appropriate ETC’s costs over the upcoming buying and selling classes.

On Balance Volume additionally recovered significantly as OBV had met with an uptick which signalled and quantity influx had elevated, which signified bullishness within the market. Awesome Oscillator depicted inexperienced sign bars which have been seen amplifying at press time.

The technical outlook for Ethereum Classic remained fairly optimistic. With continued demand, ETC might quickly commerce above the speedy resistance mark.

What’s Next For Ethereum Classic

Image Source: TradingView ETC/USD

Ethereum Classic was transferring near the $28 mark, nonetheless, in the previous couple of days, ETC witnessed price motion across the similar space. Fibonacci Retracement was sturdy at 50% degree. A fall from the present price degree would push ETC again to $25 after which lastly to $22.

A transfer above the present price degree would possibly trigger ETC to expertise one other pullback at $31.80 on the 78.6% Fibonacci degree. A serious resistance level for ETC lay at $34.55 degree, Ethereum Classic final traded at this price mark just some weeks again in early January.

Strength from the broader crypto market could be required for Ethereum Classic to proceed buying and selling in an upward route. If Bitcoin trades above the $40k mark, then main altcoins might additionally stay optimistic on their charts.

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