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Ethereum Classic [ETC] saw exponential growth after a streak of green candles from its 15-month support near the $13.6-mark. This buying spree positioned the altcoin above the 50% Fibonacci level and exhibited a bullish narrative.
ETC jumped over the EMA ribbons post the near-term buying resurgence above its long-term trendline support (previous resistance). A reversal from the 61.8% Fibonacci resistance could pose some recovery hurdles before a likely bullish comeback. At press time, the alt traded at $33.7, up by 24.98% in the last 24 hours.
ETC Günlük Grafik
Kaynak: TradingView, VB/USDT
ETC’s dip from its April highs put the alt on a long-term bearish track as it kept finding fresher multi-monthly lows to rest on. The four-month trendline resistance (now support) curtailed the buying pressure until recently.
After the bearish pennant breakdown, ETC witnessed a staggering 151% return on investment (ROI) from its 13 July low until press time. Consequently, the alt inflicted a bullish flip on the north-looking EMA Ribbons.
While the Point of Control (POC, red) provoked a bullish flag-like structure, the recent bullish engulfing candlestick confirmed the bullish breakout. Also, the trading volumes saw an uptick of over 268% in just the last 24 hours. This jump reinforced the bullishness in the current structure.
With the 61.8% Fibonacci resistance standing sturdy, reversals from this level could cause a near-term slowdown. In this case, the buyers could look to re-enter the $26-$28 range to provoke another rally. This revival would aim to retest the $34-zone.
gerekçe
Kaynak: TradingView, VB/USDT
The Relative Strength Index (RSI) hovered in the overbought region to reflect a one-sided buying edge. A potential reversal from this region could ease the heightened buying pressure.
Also, the Accumulation/Distribution saw lower peaks over the last few days and hinted at a bearish divergence with the price.
Sonuç
If ETC finds a reversal at the 61.8% level, it could see a near-term pullback before picking itself up to continue its bullish run. In this case, the take-profit levels would remain the same as above.
Son olarak, daha geniş piyasa duyarlılığı ve zincirdeki gelişmeler gelecekteki hareketleri etkilemede hayati bir rol oynayacaktır. Bu analiz, herhangi bir yükseliş geçersizliğini tespit etmek için kritik öneme sahiptir.
Source: https://ambcrypto.com/ethereum-classic-why-long-term-prospects-of-etc-are-on-brighter-side/