ETC/USD Medium-term Trend: Ranging
- Supply levels: $4.3, $4.5, $4.8
- Demand levels: $3.7, $3.5, $3.3
The trade between the Ethereum Classic and the US dollar has been featuring choppy price movements since around February 9. The pair had been able to spring up from around $3.6 to the high of $4.2 on February 8.
The 50-day SMA has been tightly located to the Bollinger Lower Band. Price has been fluctuating along with the Bollinger Middle Band at $4 mark. The Stochastic Oscillators have closed below range 60. They now point east to probably suggest an indecision market condition.
The bulls seem losing its driving force in the market, and yet bears are not taking up the advantage. The crypto-trade now appears to feature more range movements in other range zones.
ETC/USD Short-term Trend: Ranging
The market worth of ETC/USD in the short-term run has been witnessing a number of range price movements between $4.05 and $3.95 marks since the trading starts today. Yesterday, the pair experienced similar trading format, but the market managed to break northward briefly past 4.05 point.
Now, the market has been fluctuating around conjoint indicators of the 50-day SMA and the Bollinger Middle Band. The Stochastic Oscillators have crossed to slightly point south at around range 60.
With this type of market formation, it seems that there will be a continuation of choppy price movements for a while. Nevertheless, traders may be on the lookout for a bearish reversal to probably consider a long order entry.
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