As the bears are ready to crank the screws under the $50 support, the Ethereum Classic (ETC) is on the verge of a 30% price pump soon. In the meantime, the hike is being re-examined for the fourth time in case the ETC undergoes impending support. A modest window of opportunity will open up from there, but ETC will need to bypass its MAs to effectively use its recovery effort.
Although Ethereum Classic has yet to react negatively to broad market sales, it is crucial to note that its price is currently trading below the $50 USD crucial support zone.
If retailers break open ETC cracks below $48.7, the market may fall to some percent. If the loss is extended, ETC may be forced to test its defenses at $42.4, resulting in a reduction in the time it takes to publish.
Ethereum Classic Price Chart – Source: CoinMarketCap
The ETC short-term trend was highlighted by the low support line, which has had three contact points since April, and the $48.7 support line. As the bulls strive to regain momentum, other side moves may emerge in the following days. To establish bullish regulation, the ETC will need to file a guarantee closure in addition to its 20, 50, and 200-SMA mergers. Its next major stumbling block is between $78 and $84, a zone where ETC has no presence for now.
The daily ETC indicators now show a bearish-neutral bias. While the Awesome Oscillator lighted up the red bars and traded slightly below its centerline, the Directional Movement Index’s -DI traded above the + DI. The ETC has not been honored for quick conversion, according to these indicators.
A double lower RSI, on the other hand, has given some hope. Over 60, recovery can aid in the introduction of new longs.
If the price of Ethereum Classic falls below its lower line and $48.7 support, it will be offered at $45 USD. The ETC, on the other hand, will clear away a lot of the confusion if its price moves over a bullish moving average. A convincing close over $78 to $84 might put ETC bulls back in control.