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ETC Price Analysis: Ethereum Classic Up 27% in 2023, Here Are Key Levels To Watch for Sustained Rally

  • ETC was trading at $18.66 at the time of publication
  • ETC trading volume has increased significantly
  • The ETC collaboration says it is changing the RPC URL for the Ethereum Classic mainnet from Ethercluster to Rivet

As its price increased from its low of $15.64 on December 3, ETC, the native asset of the Ethereum Classic chain, unexpectedly printed a gigantic green daily candlestick. The daily high of $19.96 was reached on January 4 thanks to the kick, which appeared to break a barrier. ETC was trading at $18.66 at the time of publication, up 21% over the previous 24 hours. Likewise, the Ethereum spinoff has increased by 27% over the previous week. Ethereum Classic, according to blockchain analytics company Sentiment, is experiencing a decent bounce of its own. The statement continued, “Not only is volume large, but it is also heavily shorted by traders on exchanges.” Data from CoinMarketCap shows that in the past day, ETC trading volume has increased significantly. In other news, the ETC collaboration says it is changing the RPC URL for the Ethereum Classic mainnet from Ethercluster to Rivet. The Ethercluster RPC endpoints will be discontinued on July 1, 2023, a notice in a blog post reads.

Key Levels
Resistance Levels: $30.00, $25.00, $20.00
Support Levels: $17.00, $15.00, $13.00

ETC/USD Daily Chart: Ranging

ETC/USD Daily Chart

The bias is turning positive over long and medium terms, and if the breached daily moving average (MA 50) at $18.00 holds as support, a rally toward $25.00 is anticipated. On the other hand, a break and closing below the daily moving average (MA 200) at $25.00 would refocus attention on the $20.00 level. This week, the pair has recovered and might go higher.

On the other hand, given the strength of the USD, we might expect further losses below $25.00, with targets not below $20.00. Technically speaking, a breakout south may occur throughout the course of the upcoming trading days. In this case, the $15.00 level can provide support for the ETC/USD pair.

ETC/USD 4-Hour Chart: Ranging

ETC/USD 4-Hour Chart

From a technical perspective, the recent breakout toward $20.00 is anticipated to continue during the upcoming trading sessions. In this instance, in the event of a continuous retracement, the horizontal support level of $18.00 might offer support to the ETC/USD pair. The relative strength index (RSI) remains overbought.

The initial level of support for the pair is predicted to be $17.00; however, a further breach lower might result in a fall-through that would take it to the next support level of $15.00. The pair is anticipated to encounter its first level of resistance around $20.00, with a subsequent spike pushing it to $25.00.

Note: Kryptomoney.com is not a financial advisor. Do research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investing results

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