Thursday, April 18, 2024

Ethereum Classic (ETC) Poised for Potential Move, $30 in Sight.

The price of Ethereum Classic (ETC) is now trending upward, but as the altcoin fills up a triangle, this trend may soon come to an end.

At breakout, Ethereum Classic might increase by 12%.
The price of Ethereum Classic (ETC) is forming a triangle, indicating that until the breakout, there is no indication of the next directional bias. The current market range for the price is between $24.94 and $28.28, or 61.8% and 78.6%, Fibonacci levels.

The Relative Strength Index (RSI) is trending north and remains above the 50 level, suggesting that the probabilities are currently skewed towards the upside. Additionally, the RSI’s position at 60 indicates that more territory needs to be north before ETC can be deemed overbought.

Above its signal line (the orange band), the Moving Average Convergence Divergence (MACD) is likewise in positive territory. In addition, the green-toned histogram bars of the Awesome Oscillator and the MACD demonstrate the continued dominance of bulls in the ETC market.

Given these factors favoring an upward move, more purchasing pressure above the present levels may cause the price of Ethereum Classic to break through the triangle’s top border and face the 78.6% Fibonacci level at $28.28. If this barrier were to break, ETC would be able to reach the psychological $30.00 mark, which is about 12% above its present values.

In an extremely bullish scenario, the price of Ethereum Classic might continue rising to retake the range high at $32.48.

Conversely, if the price of Ethereum Classic breaks below the triangle’s lower bound, it may reach the 61.8% Fibonacci level, or $24.94. In the worst situation, the altcoin might go all the way down to $22.59, the 50% Fibonacci level.

A break and closing below the previously mentioned supplier congestion level would contradict the bullish thesis and could push ETC all the way to the 23.6% Fibonacci at $17.34. A move like that would represent a 35% decline from the present levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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