- ETC price is showing strength as it bounces off a high volume downtrend range and aims to rally to $30.
- ETC is facing a major test to trend higher above $30 after the price broke out of its descending triangle price action.
- ETC’s price remains strong below the 50 and 200 Exponential Moving Averages (EMA) as it attempts to rally across these regions.
Ethereum Classic (ETC) has remained strong after breaking out of its downtrend-descending triangle with good volume, with the price aiming to rally to $30. The cryptocurrency market has shown more stability this week, with significant price action in Bitcoin (BTC) and Ethereum (ETH). This fresh recovery rally in the cryptocurrency market has benefited smaller coins like Ethereum Classic (ETC), which have shown real strength in breaking out of their long downtrend move. (Binance data)
Ethereum Classic (ETC) price analysis on the weekly chart
Although many altcoins have struggled to perform in a ranged market, ETC’s price has tended to move lower, although it did show some upward price action that was short-lived when the price was rejected.
ETC fell from an all-time high of more than $180 to a region of $41 before recovering to a high of $75; The price of ETC faced another rejection down to a range low of $46 where it formed weak support to prevent sell-offs but this proved futile as the price continued falling.
ETC price fell to a weekly low of $24 and immediately recovered and range-formed to break out.
As the market looks more promising, we could see an ETC rally to a high of $30 with good volume where the price has more room for an uptrend.
ETC has a favorable overall structure with a high probability of the price retesting the $30 and above range after a successful breakout of the range low. If ETC fails to break through and sustains above $31, a retest of $24 is possible.
Weekly resistance for ETC price – $30-$31.
Weekly support priced at ETC – $24.
Price analysis of ETC on the daily chart (1D).
Daily ETC price chart | Source: ETCUSDT On Tradingview.com
On the daily timeframe, the ETC price remains strong and is trading below the key resistance levels after breaking out of its downtrend price action with good volume while attempting to rally to a high of $30 which has served as a key resistance for the price acts.
ETC price needs to break and close above 50 EMA which acts as strong resistance for ETC price. The $28 price is at the 50 EMA level, which serves as resistance for the price to trend up into a $32 region. The price of the ETC closing above $32 is a good sign as confirmed by the 23.6% Fibonacci retracement level.
Daily resistance for ETC price – $32.
Daily support for ETC price – $20.5.
Featured image by zipmex, charts by Tradingview
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