Ethereum Classic (ETC) remains in a tight consolidation range At the time of writing, ETC was trading at $41.94, marginally up in the last 24 hours The Ethereum Classic independence day and magneto hard fork is scheduled for July 20 and 21 respectively The cryptocurrency market traded lower on Monday, mirroring declines in traditional markets.Ethereum Classic (ETC) remains in a tight consolidation range as bulls await strong impulse.At the time of writing, ETC was trading at $41.94, marginally up in the last 24 hours.Ranking 18th largest, Ethereum Classic has a present market cap of $5.4 billion and $1.95 billion in trading volume over 24 hours.This week is set to be eventful for the ETH hard fork with the Ethereum Classic independence day and magneto hard fork scheduled for July 20 and 21 respectively.The network announced on July 19 ”Eventful week ahead! #EthereumClassic Independence Day, July 20th & #MagnetoHF will occur around July 21st.” The Ethereum Classic’s improvement proposals aim to improve the blockchain’s network security while cutting down on its gas fees.
Key Levels
Resistance levels: $72.00, $62.00, $50.00
Support Levels: $40.00, $32.17, $25.00
ETC/USD Daily Chart: Ranging ETC/USD Daily Chart ETC has been confined within a tight range in the last three days, between $40.28 and $43.92.Short-term oscillators don’t say much about the next directional wave as the RSI is tilting slightly upwards below the 50 neutral levels.
In the event of an upside move, the MA 50 resistance at $52.47 could act as a barrier before being able to challenge the $83.46 level.
A break above this level would shift the outlook to a bullish one as it could take the pair towards the $117 level and then the $175 all-time high, achieved in May.
On the other hand, the $40 level is acting as immediate support ahead of the major support at the MA 200 at $34.32.As long as Ethereum Classic can stay above $40 and above the MA 200, optimism looms on the bulls’ resumption.
ETC/USD 4-Hour Chart: Ranging ETC/USD 4-Hour Chart Ethereum Classic price remains in a choppy and directionless mode in line with the general cryptocurrency market sentiment.ETC is tilting in a downward channel after printing highs of $62.84 on June 30.The technical structure warns about rising pressure projected by multiple bear-crosses of the moving averages.In case the bulls manage to pierce above the $44.12 barrier which coincides with the MA 50, that could open the door for MA 200 at $48.01.
A break higher would shift the focus to the $51-$57 resistance range ahead of the $83 level.Any move above would signal a resumption of the broader uptrend, leaving it up to $115 and then the $175 high to halt any further upside moves.On the downside, a violation of the $40 psychological level could see the ETC/USD pair challenge the lower bound of its recent range at $32.To sum up, ETC/USD holds in consolidation, while in the bigger picture the outlook remains neutral.
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The post ETC Price Analysis: Ethereum Classic Consolidates for a Big Move As July 20 Independence Day, Magneto Hard Fork Nears appeared first on Latest Crypto News .
ETC Price Analysis: Ethereum Classic Consolidates for a Big Move As July 20 Independence Day, Magneto Hard Fork Nears was first posted on July 19, 2021 at 8:12 pm.
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