Ethereum Classic Price Analysis: Will ETC maintain above $21.22


  • ETC/USD pair trading above EMA(20).
  • ETC/USD trades near $29.78.
  • The current trading volume of Ethereum Classic is at $768,230,557.00.
  • ETC faces resistance at $25.04.

29 February 2024 : In this article we will walk you through Ethereum Classic price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Ethereum Classic, Is ETC a good investment? Ethereum Classic support & resistance levels etc. But before diving deep into the ETC technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,302,367,481,199. The total trading volume stands at $155,592,819,409. Bitcoin shares 52.96 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $62,120.40 level after an upward movement of 3.1%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 3.32 percent reaching to $3,403.92 during the previous 24 hours.
While publishing this blog, BNB traded at $406.54, following a price change of -0.26%within the same time frame. SOL the native coin of Solana is up by 16.76 and currently trading at $130.65. Additionally, XRP reached $0.61 after seeing a uplift of 6.88% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Ethereum Classic Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Ethereum Classic (ETC)

ETC Resistance Levels ETC Support Levels
Resistance Level 1 $25.04 Support Level 1 $21.22
Resistance Level 2 $26.71 Support Level 2 $19.07
Resistance Level 3 $28.86 Support Level 3 $17.40

Ethereum Classic Performance

The daily chart of Ethereum Classic shows that the ETC price has surged up with a 2.4% increase in past 24 hours. The price value of the Ethereum Classic (ETC) coin is standing at $29.78 with market capitalization $4,341,756,769.00 USD. ETC price changes 13.65% over the week while the trading volume is hovering around $768,230,557.00 USD.

Ethereum Classic Price Analysis

ETC price analysis for 29 February 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Ethereum Classic.

Moving Averages Price Indicator
Simple Moving Average (10) 23.86 Buy
Exponential Moving Average (10) 23.86 Buy
Simple Moving Average (20) 25.69 Buy
Exponential Moving Average (20) 25.52 Buy
Simple Moving Average (50) 30.14 Sell
Exponential Moving Average (50) 29.90 Sell

While ETC’s Williams %R indicator is at -61.585 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The relative Strength Index (RSI) indicates that the ETC coin is in oversold phase, as RSI is at 22. The ETC/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market.

Conclusions

According to our technical analysis data, the short-term forecast for the Ethereum Classic price is mostly bullish at the time of writing. The cryptocurrency Ethereum Classic seems to be on the rise again. A significant return-on-investment (ROI) is predicted if you acquired the currency some time back.