ETC Technical Analysis
ETC (Ethereum Classic) is printing a widening descending channel formation on its chart, and it is safe to say that it is, for the time being, consolidating in the middle border of the channel while moving parallel to the market.
The price level of $15 seems to act as a significant support area, and it is clear that the price tested this support and rebounded from here due to strong buying activity. ETC is currently trading just below the resistance level of $16.33, which can be considered as a decision point.
The price might rapidly rise to the $17.70 target if it sees a daily closing above this resistance level of $16.33, meaning that the channel will see an upward break.
However, if the price cannot break above the resistance, then it can pull back to the level of $15 again and even fall below it to test the channel lower trend support.
We have the level $17 remaining our target in the short term unless we see a daily closing below the level of $14.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
