Market Analysis

ETHEREUM CLASSIC PRICE ANALYSIS & PREDICTION (February 1) – ETC Remains Strong Despite Latest Market Drops 

As most top altcoins turn red today, Ethereum Classic remains strong on the daily but has retraced briefly. Buying pressure is still intact following a 10% gain in the last 7 days.

This month, ETC witnessed a massive surge in volatility and tapped $32.4. The price pulled back from that price level and fell below $22 earlier last week. It later recovered above this level, initiated a fresh buy and slowly increased. 

It reiterated actions this week and continued to show strength. Despite the overnight losses across the crypto space, the price remains strong today with no signs of a major drop yet. 

The price actions might get stronger in the next few days should the crypto continue to show strength. If not, it may suffer loss when the sellers show strong commitment as they may pull the price back to a monthly low. Currently, its bullish bulls are still holding on to the daily timeframe. 

Volatility looks relatively low at the momentum. An increase above this month’s high could set up the asset for a bull run at full speed. Such a setup could facilitate a quick rally towards the $40 level in no time. 

ETC just rejected $26 again after failing to close above it yesterday. That could spark a drop capable of causing another sell-off. Nevertheless, the price is still cheap to accumulate for long-term returns. 

ETC’s Key Level To Watch

Source: Tradingview

The closest support for ETC right now is $24. If the price falls below this support, the level to consider for support would be $21.7 before cracking to $20. 

In an attempt to climb back, it may encounter resistance at $27 and $30 on the way up. If those levels flip, the higher resistance level to watch for an increase is $32.48, followed by a breakout.

Key Resistance Levels: $27, $30, $32.48

Key Support Levels: $24, $21.7, $20

  • Spot Price: $25.1
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: ra2studio/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *