Key Analysis Points
Current Market Scenario: ETC price experiences a bullish turnaround following the Bitcoin ETF approval, boosting the altcoin market.
Recent Performance: ETC price has surged by 46% this week, breaching the $25 level.
Technical Outlook: Fibonacci levels in the weekly chart suggest that ETC could target the $40 mark.
Market Dynamics: The broader market uptrend, particularly in altcoins, is fueled by the SEC's approval of the Bitcoin Spot ETF.
Chart Analysis: ETC's break from a year-long consolidation and a bullish breakout above $23 signal a significant trend reversal.
Volume Surge: A 250% increase in 24-hour trading volume underpins the current price rally.
Price Movement: Currently trading around $28.43, ETC is forming a bullish engulfing pattern in the daily chart.
Technical Indicators: Daily MACD shows a bullish crossover, and EMA trends hint at a potential golden crossover, reinforcing bullish sentiment.
Upside Potential: ETC's momentum could carry it beyond multiple resistance levels, aiming for $40.
Downside Risk: If ETC loses steam, a retest of the $25 support level could be imminent.
Current Market Scenario: ETC price experiences a bullish turnaround following the Bitcoin ETF approval, boosting the altcoin market.
Recent Performance: ETC price has surged by 46% this week, breaching the $25 level.
Technical Outlook: Fibonacci levels in the weekly chart suggest that ETC could target the $40 mark.
Market Dynamics: The broader market uptrend, particularly in altcoins, is fueled by the SEC's approval of the Bitcoin Spot ETF.
Chart Analysis: ETC's break from a year-long consolidation and a bullish breakout above $23 signal a significant trend reversal.
Volume Surge: A 250% increase in 24-hour trading volume underpins the current price rally.
Price Movement: Currently trading around $28.43, ETC is forming a bullish engulfing pattern in the daily chart.
Technical Indicators: Daily MACD shows a bullish crossover, and EMA trends hint at a potential golden crossover, reinforcing bullish sentiment.
Upside Potential: ETC's momentum could carry it beyond multiple resistance levels, aiming for $40.
Downside Risk: If ETC loses steam, a retest of the $25 support level could be imminent.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.