Ethereum Classic price shows end-of-trend signals. Key levels have been identified.
Ethereum Classic is near the bottom
Ethereum Classic is showing subtle signals that the current downtrend consolidation is ending. The bulls are consolidating just below the 8-day exponential moving average (EMA) after witnessing rejection earlier in the week. Still, there are subtle cues that the bulls will retake the barrier and then some.
Ethereum Classic currently auctions at $27.60. Two key factors that merit the idea for an uptrend are the Volume Profile Indicator and The Relative Strength Index. The volume amidst the current downtrend is tapering considerably, suggesting only retail is currently shorting the ETC price.
The Relative Strength Index’s reading is the most even more supportive of an interim market bottom idea. The recent 2-day doji-hammer candle is printed directly on the level where corrections usually end.
Combining these subtle cues, an Ethereum Classic rally is very plausible. A 2-day reversal pattern near current price levels and a rise above the 8-day EMA at $28.33 should signal side-lined bulls into the market. A 25% rally, aiming for the 21-day Simple Moving Average at $32.25, would be a reasonable target. Invalidation of the bullish countertrend rally is a breach below $24.90.