Ethereum Classic [ETC] The alt saw rapid gains after it bounced off its long-term support around the $13 mark. After the alt climbed above the $16 zone last week, the buying effort saw an enormous uptick.
ETC’s jumped above its 20/50/200 EMA in the ongoing bullish resurgence. In the meantime, altcoin experienced an increase of 1%. up-channel breakdown That was a short-term setback.
The buyers could see a rebound from the 38.2% Fibonacci support, which could help them retain their momentum in the next sessions. The alt was trading at $23.53, down 4.07% over the past 24 hours.
ETC 4-hour Chart
Source: TradingView, ETC/USDT
The alt rose towards its two-month highest on 19th July, thanks to the 89.68% Retracement (from 16 Jul). The bulls saw a buying rebound that helped them find a close that was above both the near and long-term EMAs.
ETC has been experiencing high volatility over the past few days while the price rebounded in an ascending channel. The $25 resistance is keeping the rally under control, so the bulls will need to infuse more buying volume.
The Rebound The 38.2% level is sufficient to aid in the Buyers In testing the Point of Control (POC, red). The alt could enter a phase of low volatility after this. ETC will attempt to test the $25.6 zone again if sellers lose their vigor before making any trend-altering moves.
Any decline in sentiment could cause bullish tendencies. To avoid this, the buyers must ensure a position that is above 20 EMA.
Rationale
Source: TradingView, ETC/USDT
Relative Strength Index (RSI), which has a slightly bullish edge, maintained its place above the middleline. If the bulls maintain midline support, then the alt could continue to see near-term gains.
The CMF however revealed a rather bearish picture as it fell below the zero mark and confirmed a drop in money flows.
Conclusion
ETC could continue its rebound from the 38.2% Support and see gains before flattening towards the POC. This would be the case. take-profit levels The above would be the same. The alt would then likely enter into Low volatility Before an explosive break.
Finally, future movements will be influenced by the wider market sentiment and on-chain developments.