Technical Analysis of Ethereum Classic

The cryptocurrency market has weakened around 3-4% in the last 24 hours and the price of Ethereum Classic is also pressured by this situation. There is a correlation between the price movements of Bitcoin and other cryptocurrencies but the positive thing for the cryptocurrency market is that the price of Bitcoin has stabilized above $7 000. Starting life as Ethereum, Ethereum Classic (and its value token, ETC) is the result of a long debate over how cryptocurrencies should handle disagreements within the community and data hacks. Ethereum Classic is a peer-to-peer computing platform and the main advantage of Ethereum Classic is that this platform is more secure compared to Ethereum’s platform. When we look at the 1-year chart we can see that Ethereum Classic is moving in “downtrend” and as long Ethereum Classic is below $20 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $6 and $8 – If the Ethereum Classic jumps above $10 that would be a “BUY” signal and the open way to $12 or even $16. If the Ethereum Classic jumps above  $20 that could be a strong signal of the trend reversal and the open way to $30. On the other side, if the Ethereum Classic falls below $5 that will be a strong signal “SELL” signal and the next target could be around $4.

Advice: There is a correlation between the price movements of Bitcoin and other cryptocurrencies but as long the price of Bitcoin is above $7 000 there is no fear of “sell off” for other cryptos. According to estimates, ETC is one of the cryptocurrencies which you should definitely not ignore and this cryptocurrency might still be undervalued despite all the problems. As for the technical picture, the Ethereum Classic remains in bearish phase but if the price advances above $10 next targets could be located around $12 and $15. On the other side, if the Ethereum Classic falls below $5 that will be a strong signal “SELL” signal and the next target could be around $4.
 

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