ETC Technical Analysis: Price May Fall Below the Support Level of $41.85
Ethereum Classic is an open-source blockchain network that is decentralized, tamper-proof, and censorship-resistant. It provides a robust infrastructure for the creation of smart contracts and runs without the downtime and third-party interference. ETC is the native token of this ecosystem. Let us look at the technical analysis of ETC.
On Jul 17, 2021, ETC opened at $41.19. On Jul 23, 2021, ETC closed at $45.79. Thus, in the past week, the ETC price has increased by roughly 10%. In the last 24 hours, ETC has traded between $43.23-$46.58.
Day-Ahead and Tomorrow
Currently, ETC is trading at $45.33. The price has decreased slightly from the day’s opening price of $45.79. Thus, the market seems bearish.
The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price is expected to fall further.
Currently, the RSI indicator is at 30%. It faced rejection at 52% and fell to the current level. Hence, selling pressures are very high. High selling activity will exert downward pressure on the price.
Besides, the OBV indicator has started falling steadily. Thus, selling volumes are slowly overtaking buying volumes. Hence, the price may fall further. In short, all three indicators have given negative signals.
ETC Technical Analysis
Currently, the price is below the first Fibonacci pivot resistance level of $46.48. The price may soon fall below the Fibonacci pivot point of $45.20. If the bearish forces remain strong, the price may fall below the third support level of $41.85, by day close.
Presently, the price has fallen below the 61.8% FIB retracement level of $45.30. It may further fall below the 50% FIB retracement level of $44.90. Thus, as of now, the bears are strong. Hence, the price downswing may continue tomorrow as well.