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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 08, 2023 08:49 UTC
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ETC Price Analysis: Will ETC Price Bounce 20% To Reach $19?
ETC price action prepares a bounceback from $14.75 to challenge the short-term resistance trendline.
 If ETC can break out, it'll shoot up to challenge the resistance line near $19.
Closing below $14.75 will plunge the ETC price to $12.44.
ETC’s price has been on a downward spiral lately, losing about a quarter of its value in the past few months. This is just part of a larger trend, as the daily Ethereum price chart shows a steady decline.
This primary downtrend has given birth to a formidable resistance trend line, which, during the ongoing correction, has further solidified and produced a secondary resistance trendline.
Diving deeper into the bottom supports, Ethereum Classic showcases persistent resilience at the $14.75 level. Notably, this support has proven to be a fortress, aiding Ethereum Classic to rebound almost five times.
The ETC price action here evokes a potential double-bottom reversal, gearing up to challenge the secondary resistance trend line, coincidentally with the 50-day exponential moving average.
At the moment, Ethereum Classic is navigating at $15.53, registering a marginal intraday dip of 0.26%. However, the sudden rise in Bitcoin price last night has increased optimism for altcoins, hinting at a possible reversal.
Supporting this bullish narrative, the RSI indicator unveils a noteworthy bullish divergence accompanying the double-bottom formation. Moreover, the MACD indicator echoes this bullish divergence, cementing a positive relationship between the MACD and its signal line.
If the ETC price breaks past this short-term resistance trend line, a bullish surge is on the cards. It might knock on the doors of the primary resistance trendline near the $19 mark, a rise of 22%.
Conversely, if things go south, the Ethereum Classic may plunge below the $14.75 threshold. In such a case, we might witness a more profound bearish descent, potentially gravitating toward $12.65.
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