- ETC’s price has grown by 28% in the last week.
- However, the Alt is Overbought according to price charts.
Ethereum Classic [ETC] According to data from, it had a strong week with its price rising by 28.60%. CoinMarketCap. It is now one of the best-performing cryptocurrencies along with Lido. [LDO]Solana saw a price hike of 55% in, [SOL]The rally was 35% for, which also experienced a rise in the same period.
Read Ethereum Classic’s [ETC] Price Prediction 2023-2024
Ethereum Classic: A retracement is in sight
An assessment of ETC’s performance on a daily chart revealed that a price imminent might be in view, as the asset traded at overbought highs at press time.
First, the Money Flow Index (MFI), of ETC was spotted at 88 at this writing. Toeing the same path, ETC’s Relative Strength Index (RSI) was pegged at 63.79 in an uptrend. These positions indicated that ETC was too expensive.
At this point, buyers’ exhaustion is common as new demand for the asset drops, leaving the buyers in the market unable to sustain a further rally. This can often lead to bears taking control of the market and initiating a price decline.
Further, an assessment of ETC’s Bollinger Bands (BB) showed that the altcoin was severely volatile at press time. Although ETC’s price broke above the upper band of the indicator, which indicated a continuation of the bullish trend, the width between the upper and lower bands widened. This suggests high volatility.
When a crypto asset’s price is highly volatile, it is prone to significant price swings over a short period. This makes it more risky for you to trade or hold the asset.
Interestingly, a look at ETC’s Average Directional Index (ADX) (yellow) showed that the buyers’ strength was a rock-hard one that sellers might find impossible to revoke in the short term.
It was placed above the Plus Directional Indicator (+DI), (green) as well as the Minus Directional Indicator -DI (red), which form the Directional Movement Index.
How many ETCs are you able to get for $1
At press time, the buyers’ strength at 31.48 was positioned solidly above the sellers at 13.00.
Source: TradingView
You should exercise caution
Despite ETC’s price rally in the last week, since the beginning of the year, weighted sentiment has been negative. This meant that despite the consistent growth in ETC’s value since the year started, investors still harbored negative convictions. A price drawback is often preceded by a negative weighted sentiment.
Source: Santiment