Is It Too Late to Buy Ethereum Classic? ETC Price Pumps 56% as This Meme Coin Goes Viral
Ethereum Classic (ETC), the original Ethereum hard fork, has recently experienced a massive spike in its price, rallying more than 50% amid the broader market excitement over Bitcoin ETF approvals and speculation about upcoming Ethereum ETFs.
The ETC price currently stands at $30.61, with the moving averages presenting a bullish outlook. The 20-day EMA at $29.30, 50-day EMA at $27.44, and the 100-day EMA at $25.08, all align to signal a strong uptrend. This arrangement typically indicates sustained bullish sentiment, suggesting that the ETC price may continue its upward trajectory in the short term.
The MACD (Moving Average Convergence Divergence) is echoing the bullish sentiment, with today’s value at 1.28 compared to yesterday’s 0.71, indicating strengthening momentum.
The RSI (Relative Strength Index) presents a cautionary case, however. Standing at a high of 81.28, up from 79.03, the ETC price is deep into the overbought territory. This could suggest a potential retracement or consolidation phase ahead, as overbought conditions often lead to price pullbacks.
The recent price action of ETC saw it successfully retesting the golden FIB levels at $27.40 and $26.96, now established as strong support zones. Currently, ETC is consolidating around the 0.786 FIB level, with an overhead resistance at $32.29. If this resistance is broken, the next targets are $40.92 and $54.88. Additional support levels are found at $28.20, $25.31, and $23.66, providing a safety net for the ETC price against potential downward corrections.
In light of the technical indicators, a cautiously optimistic stance seems prudent for ETC. While the current trajectory and moving averages indicate further upside, the overbought RSI levels warrant
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