Ethereum Classic price analysis: ETC/USD recovers from recent dip below $20.00, further retreat lacks fresh catalyst
|- Ethereum Classic price facing resistance at the 61% Fibo; immediate support is at $20.5.
- The coming events for Ethereum Classic could provide the much-needed support.
Ethereum Classic price is trading a bullish flag pattern with the upside capped below $21.5. TC/USD has formed a weak support at $20.5, but a bearish momentum is shaping up at $21.00. There was a fresh upside movement around $18.5 during the trading yesterday after cryptocurrency pulled out of an extended ranging bear bottom seen on the 30’ timeframe chart.
The price recorded an intraday peak at $21.5 before being engulfed in selling pressure that led to lower corrections; however, the bulls held ground at $20.5. The 61.8% Fib retracement level with the previous swing high of $22.8 and a low of $18.7 is offering immediate resistance to the price.
The MACD is struggling to stay on the positive side but the moving averages signal that the bears are taking control of the price in the short-term. As mentioned, $20.5 is the immediate support; however, a major support is highlight at $19.00.
The coming events for Ethereum Classic could provide the much-needed support. The Ethereum Classic Emerald wallet is launching on April 30 while the Radex zero fees DEX is launching on ETC on May 1. The Ethereum Classic community is highly anticipating both of these events; therefore, we could see ETC/USD pick up the pace and attacking higher levels towards $30.00.
ETC/USD 30' chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.