Ethereum Classic Price Movement Analysis for 14th May, 2021

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The price of Ethereum Classic [ETC] has been tracking the patterns of the Ethereum [ETH] industry. As a result, the volume of ETC increased by 24 percent in four hours, at press time. Furthermore, the valuation of the digital asset increased from $88.36 to $110.19.

With Ethereum Classic keeping steady about the $110 mark, the altcoin seemed to be in incredibly bullish territory.

Ethereum Classic hourly chart

The price of Ethereum Classic had fallen below the support level of $89.83, but the recent rally has helped the price rebound from this drop. This abrupt change in pricing direction has led to increased market uncertainty.

Because of the market’s consistent encouragement, it’s difficult to forecast ETC’s short-term movement.

Reasoning

The attached hourly map of Ethereum Classic depicted the digital asset’s long downtrend. However, at the end of this long descent, ETC’s price soared, causing the low volatility to accelerate. The market was flooded with investors as the Bollinger Bands diverged, confirming the price action’s increase.

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The rising buying pressure was highlighted by the Relative Strength Index, which shot up from the oversold level. The RSI indicated that the asset had been in the oversold region under 30 for some time, with investors taking advantage of the chance to long the coin. When the price began to rise, the demand became oversaturated with consumers.

Meanwhile, the Awesome Oscillator highlighted bullish momentum, with its histogram suggesting that this trend might be here to stay.

Conclusion

The Ethereum Classic market saw a trend reversal, with the alt’s price flipping on its back. As a result of this shift in momentum, the industry became oversaturated with consumers. Long traders can soon benefit as the price approaches the resistance level of $110.19.

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