Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
-A bearish divergence was seen in ETC’s previous attempt.
-The recent consolidation phase could have given bulls time to accumulate.
Bitcoin [BTC] marched past the $30k level after halting there for a couple of days. Lower timeframe charts showed strong bullish momentum, but a pullback could begin if BTC dropped below $30.2k and $29.6k. Ethereum Classic [ETC] noted gains alongside BTC and has climbed by close to 12% from Monday’s lows.
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As ETC approaches a three-month resistance yet again, the likelihood of a breakout appeared better than any of the previous attempts. Volume and momentum favored the bulls more clearly, but will it result in a rally past $23?
Traders can watch out for the development of a divergence
The $23.2 level has posed resistance to the price throughout 2023. In the latter half of January and through February, ETC oscillated between the $23.2 and $20.8 levels of resistance and support. In the past two weeks, the $20.8 level, which had been resistance, was convincingly broken.
The RSI was at 65 and showed strong bullish momentum, and the CMF at +0.23 showed heavy capital flow into the Ethereum Classic market. The buying pressure was evident, and the lower timeframes, such as one-hour, retained a bullish structure.
Traders can anticipate two scenarios- another rejection at the $23.2-$24.2 resistance zone, or a breakout. Cautious traders can remain sidelined and look for a flip in structure on the lower timeframes to short the asset.
Greed was the sentimen
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Author: Akashnath S
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