- The ETC/USDT pair might go as low as $32 if the price declines.
- After breaking clear of the downtrend line, the pair began a vertical rise.
After breaking and closing above the downtrend line, Ethereum Classic (ETC) regained momentum. Unfortunately, the price has been rejected from the $40 level of solid overhead resistance. A spirited defence by the bears is almost inevitable here. The ETC/USDT pair might go as low as $32 if the price declines. However, the 20-day EMA ($28) has begun to rise, and the RSI is in the overbought zone, giving the buyers the upper hand.
Intense Fight Anticipated
As long as the price doesn’t lose much ground from the present level or recovers strongly, the bulls will once again attempt to overcome the overhead obstacle at $40. It’s possible that if they are successful, the pair may rise to $45 and then $50. Alternatively, if the price falls below $32, the 20-day EMA might serve as a potential target. The bears are back in the game if they break and close below this level.
After breaking clear of the downtrend line, the pair began a vertical rise, as seen on the 4-hour chart. There is a possibility that the pair may fall to the 38.2% Fibonacci level at $33 and then to the 50% retracement level at $32. The bulls are anticipated to put up an intense fight in this area. As long as the price can hold above the overhead resistance, buyers will try to push the pair back up. According to CoinMarketCap, the Ethereum Classic price today is $38.49 USD with a 24-hour trading volume of $3,145,880,405 USD. Ethereum Classic has been up 18.74% in the last 24 hours.
The post has appeared first on thenewscrypto.com