Ethereum Classic, the fork of the second largest crypto, Ethereum, is experiencing very tough days in current times. The asset once which surged high close to 180 has lost nearly 83% of its value and is trading at its initial levels of around $20. No doubt the asset is attempting to reverse the trend, yet the bears still appear to be pretty strong. And hence forming more lower lows, the ETC price may eventually hover within lower levels until the market trends turn bullish.
Ethereum Classic(ETC)/USDT Technical Analysis at a Glance
Ethereum Classic price had a pretty bullish past week but faced a massive downfall during the weekend. However, the price managed to sustain the trembling situation and is consolidating within a narrow range, halting the downfall. However, the buyers may not hold the price for long as sellers appear to be poised to drag down the price towards one of the high-demand areas. And this will be when one can expect a notable upswing.
| Short-Term | The recent attempt of reversing the trend seems to have gone in vain as the price may again shed its valve after consolidating within narrow ranges |
| Mid-Term | The ETC price after undergoing a huge free fall is currently preparing for a flip and hence may very soon leap long after minor accumulation |
| Long-Term | The asset has maintained a strong uptrend since the beginning of the present month and is hence primed to get exhausted for a while. However, it might be a short-lived one |
Additional Read: Daily Crypto News 14 February, 2022
Ethereum Classic(ETC) Technical Indicators & Pivot Levels
Technical Indicators
| Technical Indicators | Value( 1Hr / 1D) | Action(1Hr / 1D) |
| Relative Strength Index(RSI) | 48.77 / 58.84 | Neutral / Buy |
| MACD (12, 26) | 0.01 / 1.03 | Buy / Buy |
| Average Directional Index(ADX) | 13.97 / 47.2 | Sell / Buy |
| Average True Range(ATR) | 0.61 / 2.54 | High Votality / High Voltality |
| Bull-Bear Power | -0.69 / 3.3 | Sell / Buy |
Pivot Levels
| Pivot Levels | Short-Term | Long-Term |
| Moving Average(MA)-50 | $32.47 | $30.37 |
| Moving Average(MA)-200 | $32.77 | $47.36 |
| Resistance | $33.26 | $57.04 |
| Support | $31.31 | $24.38 |
Summary
The ETC price in the short term is extremely bearish as more indicators point out towards a sell signal. While in the long term, the asset is significantly bullish. The RSI is almost around the middle levels in both the time frames but is plunging in STF displaying a bearish trend. While in HTF the RSI just took a bullish divergence.
The MACD, in the smaller time frame, is hooked up between mounting and easing of the selling pressure, therefore somewhat bearish. Yet in the higher time frame, after a notable buying volume mounted, the possibility of asset going bearish may be speculated.
The strength indicator ADX and the volatility indicator ATR, both are pretty negative for the short term. The strength of rally declining and ATR indicating high volatility may point out towards an interim jump followed by a drastic plunge. However, in the long term, ADX is bullish as the rally is gaining strength slowly and ATR indicates high volatility. Therefore a strong uptrend may be fast approaching.
Coming to the pivot levels, the asset is testing the 50-day MA levels in the STF and once cleared the 200-day MA may be the next target before testing the resistance. However, in the HTF, the 50-day MA is acting as one of the strongest support levels from the past seven days. The asset needs to cliche through the 200-day MA levels in HTF to test the crucial resistance at $57 that may confirm a strong uptrend or even a bull run.
Ethereum Classic(ETC)/USDT Technical Analysis for the Week
The ETC price began the previous week’s trade on a significant uptrend. And despite multiple pullbacks and retracements, the asset continues to reach monthly highs around $37. Woefully, the bears jumped in action very quickly and dragged the price by more than 17% yet sustained well above $30. However, the price is trying very hard to maintain above $32, yet as technicals suggest a short interim plunge may be hovering the rally.
Source: Tradingview Date: 14-02-2022 Time: 11:00am
- The ETC price ever since plunged hard from the local tops is trending within a parallel channel
- After testing the upper resistance and the lower support, the asset is currently hovering around the middle bands of the channel
- The asset is expected to revisit the lower support yet again before igniting a flip that may prevent the asset to break down from the channel
- As the selling volume is accumulated hard, the possibilities of a temporary plunge surfaces
- The flip could test the upper resistance of the channel, slicing through the middle bands and heading forward to test the crucial resistance at $36
Ethereum Classic(ETC)/USDT Technical Analysis for Today: 14 February 2022
The ETC price after undergoing a huge drop a couple of days back is trying to sustain the trembled condition and hence following a healthy consolidation. No doubt the buyers are not impacting the price much yet assisting to prevent the plunge to a larger extent. However, the buyers tend to get exhausted quickly, and hence very soon, the price may witness an interim slash just around the $30 levels. This is when the bulls may conquer the rally and uplift the price close to $50.
The Ethereum Classic price at the press time is #31.89 with a slight drop of 1.24% compared to the last day’s close. However, the trading volume remains elevated by more than 12% registering $710 million and the market capitalization remains depleted by 2% yet stands at $4.2 billion.
Where & How to buy Ethereum Classic
Investing in Ethereum Classic(ETC) or any of your desired cryptocurrencies is very simple on CoinDCX. Registering on CoinDCX is also a click away. All you need to do is download the CoinDCX App on your smartphone. Enter the required details like your name, email-id, bank details, etc. Further, the bank details are verified which usually takes a few minutes. Once done, fund your wallet and buy your favorite crypto-asset! Simple!!
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