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Cryptoknowmics 2022-08-06 09:25:23

ETC Technical Analysis: $33 Retest Teases A Bull Run To $50

The ETC prices show a post-retest reversal from $33, resulting in the $38 breakout. Will this uptrend reach the psychological mark of $50? Key Technical Points: Ethereum Classic (ETC) prices show a lower price rejection candles at the $33 mark leading to a reversal reaching $38. The bullish crossover of the 50 and 100-day SMA projects a bullish inclination in the underlying sentiments. With a market cap of $5.23 billion, the intraday trading volume of Ethereum Classic has increased by 33% to reach $1.47 billion. Past Performance of ETC As teased in our previous article, the ETC price action gives the bullish breakout of the consolidation range below the 200-day SMA. The unleashed bullish momentum fueled the breakout rally, which broke the 200-day SMA and the $40 mark. However, the prices to higher price rejection from the $44 mark resulted in a retest of the $33 breakout but the prevailing trend rebounded with a successful post-retest reversal. Source – Tradingview ETC Technical Analysis Last night, the ETC price jumped by 10%, undermining the higher price rejections the previous week during the consolidation between $33 and $38. Hence the likelihood of a bullish trend continuation above the $38 mark increases. Furthermore, the bullish crossover of the 50 and 100-day average line reflects an improvement in the underlying bullish sentiments. The RSI slope shows a sideways trend near the overbought boundary after retracing over ...

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