ETC/USDT Analysis
ETC (Ethereum Classic) is in a down trend after making high in March and trading within a descending channel. The price is consolidating between support zone Purple at $16.48 to $17.19 and resistance zone Blue at $20.90 to $21.56.
Bullish Scenario
For a convincing breakout, ETC needs to surpass the resistance zone Blue at $20.90 to $21.56. If it manages to break and hold above this level, it could attract further buying interest.
In this bullish path, the next major resistance zone to watch is at $24.74 to $25.36 in Yellow. Breaking through this could set the stage for a move towards the resistance zone in Pink at $29.72 to $30.46 .
Look for strong bullish candles with increasing volume to confirm a breakout, minimizing the risk of a false move.
Bearish Scenario
If ETC fails to sustain above support zone Purple at $16.48 to $17.19 and shows signs of weakening, sellers may attempt to push the price lower.
A break below the Pink support zone could expose ETC to further downside risks, with the next significant support around $14.48.
A breakdown below $14.48 could accelerate the decline, potentially challenging even lower support levels and indicating a bearish trend continuation.
As long as ETC maintains support above $16.48 - $17.19, the bulls retain a chance to initiate a rally. However, a break below this zone could signal increasing bearish pressure, with significant downside potential if lower supports are tested.
Everything is marked on the chart
ETC (Ethereum Classic) is in a down trend after making high in March and trading within a descending channel. The price is consolidating between support zone Purple at $16.48 to $17.19 and resistance zone Blue at $20.90 to $21.56.
Bullish Scenario
For a convincing breakout, ETC needs to surpass the resistance zone Blue at $20.90 to $21.56. If it manages to break and hold above this level, it could attract further buying interest.
In this bullish path, the next major resistance zone to watch is at $24.74 to $25.36 in Yellow. Breaking through this could set the stage for a move towards the resistance zone in Pink at $29.72 to $30.46 .
Look for strong bullish candles with increasing volume to confirm a breakout, minimizing the risk of a false move.
Bearish Scenario
If ETC fails to sustain above support zone Purple at $16.48 to $17.19 and shows signs of weakening, sellers may attempt to push the price lower.
A break below the Pink support zone could expose ETC to further downside risks, with the next significant support around $14.48.
A breakdown below $14.48 could accelerate the decline, potentially challenging even lower support levels and indicating a bearish trend continuation.
As long as ETC maintains support above $16.48 - $17.19, the bulls retain a chance to initiate a rally. However, a break below this zone could signal increasing bearish pressure, with significant downside potential if lower supports are tested.
Everything is marked on the chart
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.