ETC Price Analysis: Poised for a Possible Surge to $40
Ethereum Classic (ETC) is currently undergoing a retest phase after a recent bullish breakout from a consolidation range.
The weekly chart shows a potential end to long-term lower-high formations, hinting at a trend reversal.
ETC's price experienced a significant 37% recovery last week, followed by a minor 6.47% pullback.
Current retest phase viewed as a potential entry point for investors, aligning with bullish ETC price predictions for 2024.
The daily chart reveals a retest of the 50-day EMA and the 38.20% Fibonacci level.
A recent uptick in trading volume could signal a resurgence in bullish momentum.
ETC trading at $24.82, with a slight 2.05% drop, possibly indicating a shift to sideways movement.
Stochastic RSI approaching oversold territory suggests a potential bounce back.
Ethereum Classic shows robust support at the 50-day EMA, ready to counteract selling pressure.
If buying pressure persists, ETC could breach the $30 mark and aim for a $40 target.
Conversely, a failure to maintain current momentum could see ETC test lower support at $20.
The current market dynamics and technical indicators suggest a cautiously optimistic outlook for ETC's near-term price movement.
The weekly chart shows a potential end to long-term lower-high formations, hinting at a trend reversal.
ETC's price experienced a significant 37% recovery last week, followed by a minor 6.47% pullback.
Current retest phase viewed as a potential entry point for investors, aligning with bullish ETC price predictions for 2024.
The daily chart reveals a retest of the 50-day EMA and the 38.20% Fibonacci level.
A recent uptick in trading volume could signal a resurgence in bullish momentum.
ETC trading at $24.82, with a slight 2.05% drop, possibly indicating a shift to sideways movement.
Stochastic RSI approaching oversold territory suggests a potential bounce back.
Ethereum Classic shows robust support at the 50-day EMA, ready to counteract selling pressure.
If buying pressure persists, ETC could breach the $30 mark and aim for a $40 target.
Conversely, a failure to maintain current momentum could see ETC test lower support at $20.
The current market dynamics and technical indicators suggest a cautiously optimistic outlook for ETC's near-term price movement.