Ethereum Classic price could flip $26.50 support into resistance

 Ethereum Price is erased gains that were made prior to the Ethereum Merge rise to $45.68. ETC did not respond to a rally that swept across markets on Tuesday. Instead, sellers stepped up their efforts to push price up to its highest level of $26.50.

Ethereum Classic exchanges hands marginally lower than that of the Bollinger Bands indicator's middle throughline. There is a squeeze and is reportedly getting tighter (signaling the low level of volatility) at the hourly rate, which suggests that a breakout may be close to the mark.

Ethereum Classic price could flip $26.50 support into resistance

Bollinger Bands aid traders in gauging market volatility and identify oversold and overbought conditions. If candlesticks begin to break below the lower Band, Ethereum Classic price will continue to look for lower levels.

Ethereum Classic price currently enjoys support from the demand region which is currently set at $26.50. If the demand area remains unbroken, ETC will start to chart its way to an upward trend. But the overall technical picture is mostly bearish in the form of consecutively making bearish candles.

Data from the chain Santiment In a way can explain the weakening shown through the Ethereum Classic price. In the graph below, the quantity of ETC tokens traded on-chain has decreased down to 332.43 million, just three months after it peaked at 5.57 billion.

Today, Ethereum Classic price lacks the bullish momentum needed to maintain key support levels and even keep an upward trend going. If this decrease in on-chain activity continues the investors need to adjust with ETC price, extending its retracement up to $23.00 or possibly the July support level of $13.80.

However the immediate support of $26.50 could create a base for the Ethereum Classic price to recover towards that Bollinger Bands' middle boundary. Buyers are also advised to take on the supply region that is highlighted by the price of $30.71 with the fifty-day SMA (Simple Moving Average) in which is red. If not, ETC will consolidate between $26.50 (lower limit on range) to $30.71 (upper the limit of this range) before progressively breaking out.

Ethereum price may have slowed down its downtrend

Rose Price Prediction 2022 to 2030

Post a Comment