Ethereum Classic price analysis: ETC/USD recovers from recent dip below $20.00, further retreat lacks fresh catalyst

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