How Ethereum Classic Bulls Working To Stabilize Price?
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Ethereum Classic Standing At Crucial Support - Analysis.
2021-10-14 | Selina Mathew
Ethereum Classic Price Chart - Source: Tradingview
Buyers might retaliate at the swing low of $48.2 on September 7th, laying the groundwork for a bullish turnaround. However, if sellers cut below $48.2, ETC would be vulnerable to another 8% drop. ETC's 4-hour RSI is now trading under a bearish falling triangle, indicating further weakness in the days ahead. Those expecting a false breakthrough and a return to the rising channel were disappointed. Furthermore, based on an ADX reading of 33, the negative stance of the Directional Movement Index was predicted to strengthen. The MACD, on the other hand, provided some relief after edging closer to a bullish crossing. To flush away market pessimism, the index would need to move firmly above its mid-line. Once bears break through the daily 20-SMA, an abrupt 7% drop is expected. To keep ETC from bleeding more on the chart, buyers would have to launch a recovery at the $48.2-support level. Traders can enter short positions whenever ETC closes below $51.4 and exit their bets around the $48 mark, despite the fact that two good entry levels were bypassed.
