trade now
AltcoinEthereum Classic (ETC)NewsPrice Analysis

Ethereum Classic (ETC): Can Breakout Trigger Rally or It’s a Bull Trap?

The stock market has seen declines within the previous two weeks. That had Bitcoin in severe losses as its tracked the stock space. The bellwether crypto lost approximately 35% in the timeframe. Such conditions saw the alt market on sharp value declines. Meanwhile, Ethereum Classic broke its short-term market structure. However, that is unlikely not enough to halt the massive downtrends for the token.

Ethereum Classic 4Hr Timeframe

The 4-hour chart shows ETC formed multiple lower peaks since the late sessions of May. Keep in mind that the altcoin has seen declines since early April. Two resistance zones ensure resistance for Ethereum Classic at this publication. The topside one stood at $18, while $14.8 represented the lower level. Furthermore, the 38.2% FIB retracement mark increased confluence to the resistance level at $18.

The past trading days saw Ethereum Classic breaking past $15.3. That overturned the short-term market sentiment to bullish. Moreover, buyers defended the support at $13.89. On the other side, bears dominate the broad timeframe. Thus, a shorting opportunity might emerge soon.

📰  Canadian Exchanges Impose Limit Of CAD 30K On Altcoin Buy

Ethereum Classic 1Hr Timeframe

The one-hour chart confirmed the bullish flip, though ETC is yet to conquer the $16.15 mark. Moreover. Yesterday’s sweep of the mark before a downside move affirmed a massively bearish trend. Therefore, interested individuals can use the value area between $14.6 and $16.1 to execute short positions. Bearish divergence on periods past the 1hr timeframe might present a precise entry.

The hourly Relative Strength index fought with the 50-neutral. Meanwhile, the RSI would not signal trend reversals even if it surges higher. Yesterday’s trading sessions had the on-balance volume on an uptick, whereas the Chaikin Money Flow hiked to -0.04.

These factors indicated some buying momentum. However, the pressure wasn’t overwhelming and could not confirm trend reversals to bullish.

Final Thought

Trends on the higher timeframe remain bearish, regardless of the optimistic break within the shorter timeframes. The altcoin is yet to overcome the $16.15 mark, while $14.8 represents a resistance zone. Thus, investors can scale a ‘short’ position between $14.8 and $16.1. they can place a stop loss beyond $16.3. Meanwhile, southbound actions might target a 23.6% FIB extension at $10.13.

📰  Polkadot (DOT): Buyers Should Closely Watch This Resistance Zone to Stay Profitable produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰  CommSec Review - Is CommSec Scam or Legit?

Alice Brown (Russia)

Alice Brown is a journalist and a marketing specialist. An MSU graduate, she has authored and published multiple books in Russia, as well as articles in popular media outlets. She is interested in cryptocurrencies and blockchain projects, and keeps a close eye on the market, new tech and products being released.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button