Cryptocurrency

Did Ethereum Classic [ETC] climb above a recent high-volume node

Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation

Bitcoin climbed again above the $30k mark in recent hours, and the Bitcoin Dominance metric was falling on 17 May. This may very well be an early signal that, over the following couple of days, altcoins may very well be set to rally from their recent lows.

The value motion of Ethereum Classic didn’t actually favor both the bulls or the bears, though the symptoms confirmed a slight bullish bias. Now the query is- Do the consumers have sufficient energy to maneuver ETC northward to the $23-$24 space?

ETC 1-Hour Chart

Source: ETC/USDT on TradingView

The Volume Profile Visible Range confirmed the Point of Control to lie at $20.89. This is the extent the place essentially the most buying and selling, by quantity, has occurred within the vary seen on the charts. The Value Area Highs and Lows lie at $25.5 and $16.86 respectively for ETC.

Since the worth was buying and selling above the POC, it meant that the bulls had some energy, and will drive costs towards the following node of excessive buying and selling quantity at $24.

As lengthy as the worth stays above the $20 mark, there’s a likelihood that the costs could be pushed larger by consumers.

Rationale

Ethereum Classic climbs above a recent high-volume node, are the bulls back?

Source: ETC/USDT on TradingView

The RSI on the hourly chart climbed above impartial 50 as soon as once more, nevertheless, it has been oscillating between the 40 and 60 values prior to now 4 days. Therefore, the momentum was impartial with a bullish tinge, as every transfer upward was defended.

The MACD was on the verge of climbing above the zero line as properly, and it could be one other sign of bullish momentum for ETC. In the meantime, the A/D indicator was, very slowly, rising prior to now few days. Hence, the inference is that bulls had a slight higher hand in recent days.

Conclusion

The bulls have been in a position to push ETC above the POC, and there was some faint shopping for strain prior to now few days. Therefore, a rally upward could be anticipated for Ethereum Classic.

However, whereas this was a probability, Bitcoin was additionally prone to have a large affect on the route of the Ethereum Classic within the subsequent few hours. As issues stand, the low timeframe bias for ETC leaned towards the bulls.

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