Ethereum Classic (ETC) has been one of the most talked about cryptocurrencies in Q3 2018. After the coin gained listing from the Coinbase exchange in late July, the coin witnessed a 100% increase in price from below $10 USD per ETC token to $20 USD. The coin however suffered a crash earlier in August as the whole cryptocurrency market faced a selloff. The 35% drop witnessed during the first 2 weeks of August is starting to be recovered as the market recovered slightly in the last 24 hours.
We focus on how the Ethereum Classic coin charts are performing and the signals that show the ETC/USDT pair targets $13.35 USD by the end of the trading week.
Ethereum Classic (ETC) Technical analysis – August 31st 2018
Looking at the 1 hour chart candlesticks on the ETC/USDT pair, the price is slowly gaining momentum on the charts. The coin is currently priced at $12.82 USD, representing a slight 0.65% increase in the last 24 hours. The bullish trend ensuing on the price of ETC against USD is shown in the chart below with the SMA-50 (yellow line) crosses below the 14-day moving average.
Technical indicators on the ETC/USDT pairs
Support and Resistance
The bears in the market are in control of the market at the moment as the price is dropping to the support levels created in the last week at $12.4745. The market gives a sell signal till the support level is hit. A reversal is set to occur on the market to push the price above the resistance level at $12.8535. If the price is able to break the resistance level, we should expect a boost in price past the $13 dollar mark and set a new resistance level at $13.35 USD.
1 hour ETC/USDT charts – support and resistance (Image: Binance)
Relative Strength Index (RSI)
The relative strength index offers the investors hope for a bullish momentum as shown by the price hitting the support level. The RSI is currently oscillating around the middle bar at 47.43 showing no much difference in strength of bears and bulls. The market was however was oscillating in the oversold region in the early hours of August 31st 2018 EAT but bulls have regained control of the market.
The chart below shows the recovery in the RSI represented by the green line on the lower graph
1 hour charts showing the RSI on ETC/USDT pair (Image from Binance powered by Tradingview)
The 14-day and 50-day moving averages
The chart above shows a convergence of the 50-day moving average and 14-day moving averages giving a buy signal. The 50-day MA reversing below the 14-day SMA signals a boost in price in the next few hours. This resonates well with the RSI and support/resistance predictions of an upcoming bullish run.
As bulls take the market at the current $12.80 price on the ETC/USDT pair, the 50-day SMA is narrowing towards the 14-day SMA giving investors a buy signal.