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Long-Term Outlook

Chart – Source: Tradingview.com

A look at the Weekly chart for Ethereum Classic (ETC) shows that price broke the longstanding support at the $10 level and now has fallen to $4, slightly above the next support area at $3.5-4.

Price is currently trading below all the moving averages, which have formed numerous bearish crosses. Furthermore, the MACD has failed to form a bullish cross twice (yellow arrows).

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Finally, while the RSI is <30 for the first time in a long while, there is no bullish divergence developing yet.

Medium-Term Outlook

Chart – Source: Tradingview.com

A look at the 3-Day chart for ETC gives a more optimistic scenario.

There is a small amount of bullish divergence developing in the RSI, and the MACD has almost made a bullish cross.

However, the price is trading well below all the moving averages and a thick cloud.

Chart – Source: Tradingview.com

The Daily chart gives a similar outlook, with even more bullish divergence developing in the RSI.

Furthermore, the MACD has formed a bullish cross and is approaching 0 with strong volume.

Short-Term Outlook

Chart – Source: Tradingview.com

Finally, the 6-hour chart goes into more detail into the short-term possible movements.

Price has moved past the 7-21 period moving averages and the cloud. Now price is facing resistance in the $5-5.5 area.

Finally, the RSI barely crossed into oversold territory (>70) but has not made any bearish divergence yet.

Conclusions

  • Price has broken the long-term support at $10.
  • The next area of support is $3-4.
  • Long-term indicators are bearish while short-term indicators are bullish.
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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