By Curtis Dye
Bears had taken control of the Ethereum Classic market in the early hours of the day, causing prices to fall until finding support around the intra-day low of $22.16. On the other hand, Bulls recaptured the market after establishing this support and drove the ETC price to an intra-day high of $23.05, where the market met firm resistance. At press time, the bullish control had effectively increased the price by 0.93% to $22.56. This price increase was caused mainly by bulls reclaiming the market and forcing bears out of the arena.
ETC market capitalization and 24-hour trading volume increased by 0.94% and 4.14%, respectively, to $3,147,228,810 and $223,021,555, ranking #25. Ethereum Classic has reclaimed its market position following the increase and is trading over the crucial resistance level of $22. This renewed bullish trend has instilled confidence in traders and investors seeking solid investment returns.
ETC/USD 24-hour price chart (source: CoinMarketCap)
As the Keltner Channel bands climb higher and bulge, with the upper band at 23.203941 and the lower band at 21.495869, the bullish momentum in the ETC market continues. Ethereum Classic prices have been steadily rising on the back of bullish speculation and optimism, with the price action recently breaking above the Keltner Channel’s middle band to signal a departure from the neutral zone in the medium term and laying the way for a further climb to new highs. The near-term picture for Ethereum Classic seems favorable. Traders are optimistic that this market is ready for additional development as more investors engage in anticipation of further gains.
Also read:The market may maintain its positive trend for the foreseeable future, as the True Strength Index (TSI) now hits 17.9835 and heading over the signal line.
This notion is backed up by the high market volume, which has surged dramatically since yesterday as investors try to ride the wave of positive sentiment.
With a “strong-buy” signal from the Technical Ratings Indicator at 0.40, investors should aim to profit on the market’s bullish outlook in the coming days as Ethereum Classic’s growth remains stable. Taking everything into account, Ethereum Classic is in a great position to continue rising as interest in its market grows.
ETC/USD 4-hour price chart (source: TradingView)
The Keltner bands move linearly on the 24-hour price chart, with the top bar at 23.807625 and the lower band at 20.397110, illustrating the volatility of the ETC market and emphasizing the ability for investors to join and leave the market at any moment. This linear pattern symbolizes the ETC market’s steady and constant nature, letting investors profit from swings without concern about large-scale volatility. Price movement above the middle band confirms ETC bullishness, signaling an excellent opportunity for investors to join the market and enjoy the potential profits of a rapidly developing asset class.
Nevertheless, with the TSI sliding below its signal line at 4.4435, the bullish force in ETC is beginning to wane, signaling the possibility of a short-term reversal. If the TSI remains below its signal line, the market may move from bullish to harmful. This reversal may be a reason for worry since it suggests that the market is no longer seeing constant growth, so investors should proceed with care when contemplating any new investments.
Despite the probable reversal, the Technical Ratings indicator (TSI) is still displaying a solid buy signal at 4.4435, which might indicate a continued market rise for ETC. This reading suggests that the market may be entering a phase of consolidation in which large-scale growth is unlikely, but small-scale gains may still be possible.
ETC/USD 24-hour price chart (source: TradingView)
Indicators suggest bullishness may dominate in the near run, as their movement north indicates a bull strength increase.
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