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Ethereum Classic is in an uptrend as it forms higher highs structure. Recently, the price reached a high of $32, followed by a mild correction.
At the time of writing this article, ETC price was trading at $25.50, down 1.47% intraday. This indicates that the bears have been aggressive in the past few trading days. The market cap fell by 1.62% in the last 24 hours, and the volume declined by 1.05%.
According to Coingecko data, ETC reached its highest price of $167.09, which occurred in May 2021, about 3 years ago, and the price was 84.68% lower than the high at that time.
In addition, ETC’s historical lowest price was $0.615, which was found on July 25, 2016, and the price rose by about 4000.12%, a staggering increase.
The coin performed well throughout the year, with a year-to-date return of 16.66%; a 6-month return of 52.96%, and a 3-month return of 28.06%.
However, the coin showed slight weakness in the past few weeks, with a negative return of 11.83% last month, but it rose by 2.36% last week.
ETC price trades above the key moving averages, indicating that the bulls are still supporting the price. In addition, the price needs a lot of buyers to enter in order to reach the upper limit and bounce back from the current support level.
The RSI curve is in the neutral zone, indicating that neither the bulls nor the bears have control of the momentum. The confidence in the price will depend on its direction in the next trading days.
The MACD also trades near the zero line, showing a neutral view of the trend. Overall, Ethereum Classic trend is neutral, and traders and investors should wait for the right direction of the price.
Moreover, if the price breaks the current dynamic support, it may soon reach lower levels. But the bulls are still active below, and the price is hard to decline.
Summary ETC price analysis shows that the price is mildly bearish, but buyers are still active. Key indicators such as MACD, RSI, and EMA show neutrality on the daily chart. The price trend indicates that the price may soon bounce back from the current level, requiring buyers’ support.
Sentiment: Positive
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