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Ethereum Classic Price Analysis: ETC holds above 5.00 and looks to move higher

  • Ethereum Classic is trading just above flat after a tight day of trading.
  • The price has converged into a triangle formation but there is a lack of direction at the moment.
Ethereum Classic Price Analysis: ETC holds above 5.00 and looks to move higher
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

ETC/USD 1-hour chart

Ethereum is still in a downtrend on the daily charts and this current pattern is a consolidation after the move from 13.17 to 3.50. The price has been making higher lows recently but the wave high of 5.29 was a step too far. For the trend to continue that is the level that needs to be taken out. 

Looking closer at the chart now the volume has recently picked up. Unfortunately for the bulls, the spike in volume came in the form of a shooting star candle. The good news is the price is still above the psychological 5.00 level. It does look vulnerable but at the moment it is still intact. Also, the price is still holding above the 55 and 200 period moving averages. So there are some good bullish signals but the sell-side volume is still dominant.

Ethereum Classic Triangle Pattern

Additional levels

ETC/USD

Overview
Today last price5.0356
Today Daily Change0.0150
Today Daily Change %0.30
Today daily open5.0206
 
Trends
Daily SMA205.487
Daily SMA508.1049
Daily SMA1007.4742
Daily SMA2006.1119
 
Levels
Previous Daily High5.273
Previous Daily Low4.9056
Previous Weekly High5.5259
Previous Weekly Low4.055
Previous Monthly High13.1888
Previous Monthly Low7.1948
Daily Fibonacci 38.2%5.0459
Daily Fibonacci 61.8%5.1326
Daily Pivot Point S14.8598
Daily Pivot Point S24.699
Daily Pivot Point S34.4924
Daily Pivot Point R15.2272
Daily Pivot Point R25.4338
Daily Pivot Point R35.5946

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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