- Ethereum Classic trend within the ascending channel stays intact since last December.
- Sideways trading action could dominate the ETC market in the sessions on Tuesday.
Ethereum Classic bullish scenario has been able to hold not only strong but also for the longest continuous time. From kicking off the year around $4.45, the bulls have achieved yearly highs of $12.89. The attempt to rise above the resistance at $13.000 was thwarted by increasing selling pressure experienced toward the end of last week, the weekend and the beginning of this week.
Looking at the intraday cryptocurrencies live rates, ETC is among the most bullish digital assets. The price has corrected 2.84% from $11.37 (opening value) to $11.68 (market value). Briefly, the price climbed above $12.00 resistance and traded $12.22 (intraday high). The trend at the time of writing is bullish but volatility is low, just the like volume.
Ethereum Classic price technical picture
Ethereum Classic continues to nurture a consolidative movement between $11.00 and $12.00. An earlier attempt to push gains higher above $12.00 failed to materialize. However, it is clear that the bulls are intentional in keeping the price above $11.00 support.
At the same time, further bullish action towards $13.00 is unlikely. Instead, a retracement to $10.00 could be necessary for creating more demand and relaunching another attack on $13.00.
If push comes to shove and the consolidation results in extended declines under $10,00; $8.00 support area is strong enough to stop the losses. Bulls remain relatively in charge in the short term as shown by the widening moving average gape (50 SMA above the 100 SMA). However, the RSI trend signals that sideways action could take precedence in the coming sessions.
ETC/USD daily 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.
Sideways trading action could dominate the ETC market in the sessions on Tuesday.
Ethereum Classic […]