Ethereum Classic (ETC) Price Analysis: ETC Explodes To ATH But Weakness is Showing

ETC-WETC-DAI-DeFi

Ethereum Classic has finally awoken from a 3 year slumber rising to a high of $180. The sudden price rise has thrown Ethereum investors through a loop as price nearly rose 2000% since the start of 2021. This price rally may be coming to an end as the ATH daily candle closed with a large bearish wick.

After such a large parabolic move on the ETC chart, many new support and resistances were formed. For now, the important zone to watch on ETC is $130. This area is the last major resistance on the daily chart. If ETC manages to break and hold this mark, it may be in for a try at ATH.

Ethereum Classic Price Analysis: 24 hr chart

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ETCUSDETCUSD chart by TradingView

Major support on ETC stands around $110. If the price fails to hold this mark, ETC will be in for a fall to minor support of $96 and then $79 if it fails to hold. The price has been held up by the 5 MA since the end of April. Once price candles break below this MA on the daily chart, it will trigger a selloff. This is a soon probable scenario.

While looking at the RSI, we can conclude the strength has been overbought for nearly 10 days. This is not healthy and indicates price need to cool off very soon. The stochastic RSI tells a similar tale as the strength has already started dropping off its highs.

ETC intraday levels

  • Spot rate: $125
  • Trend: Bullish
  • Volatility: High
  • \Support: $109
  • Resistance: $130

The post Ethereum Classic (ETC) Price Analysis: ETC Explodes To ATH But Weakness is Showing appeared first on Coingape.

Publication date: 
05/09/2021 - 08:35
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