In technical analysis, Ethereum Classic is a decentralized blockchain platform that facilitates the development of smart contracts. It is a hack-free and highly scalable network with censorship resistance functionality. ETC is the native token of this blockchain ecosystem. Past Trends On April 9, 2021, ETC started trading at $19.51. As of April 15, 2021, the closing price of ETC is $28.61. Thus, in the past week, the ETC price has surged by approximately 47%. In the last 24 hours, ETC has traded between $28.61-$33.67. https://ift.tt/2Qz36PG Day-Ahead and Tomorrow Currently, ETC is trading at $32.49. The price has increased from the opening price of $28.61. Thus, the market looks healthy. The MACD line has turned negative but the signal line remains positive. A bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect a price pullback soon. The OBV indicator is steadily falling. Thus, the selling volumes are higher than buying volumes. Heavy offloading will exert downward pressure on the ETC price. Thus, we can expect the price to start declining. Currently, the RSI indicator is at 42%. It faced rejection at 48%. Hence, selling pressures are high. Thus, we can expect the price to start falling. ETC Technical Analysis Presently, the price is above the first Fibonacci pivot resistance level of $32.23. As the oscillators have indicated a price pullback, we can expect the price to soon fall up to the Fibonacci pivot point of $30.30. If the bearish forces remain strong, it may fall up to the first support level of $28.36 in a few hours. The price has tested and fallen below 23.6% FIB retracement level of $32.47. If the price retests and breaks out of this level by day end, we can be assured that a price uptrend has set in. If it fails to do so, then the price downswing is expected to continue tomorrow as well.
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