March began with #Ethereum Classic ($ETC) exhibiting bullish momentum, leading to significant valuation growth during the initial week.
Following a peak of $39.67, the bullish momentum waned, resulting in a week-long sideways trend, indicating a period of consolidation.
Increased market volatility shifted sentiment towards a bearish influence, prompting a correction of approximately 30%.
Subsequent to the correction, bulls regained momentum, fostering a positive price action.
However, upon surpassing the $35 resistance level on March 29th, a corrective phase ensued, forming a symmetric triangle pattern.
$ETC has since been trading within this pattern, reflecting a long-term bearish sentiment.
A break above the $35 resistance could signal the initiation of a bullish trend, potentially targeting the upper resistance level at $40.
According to Coingabbar Prediction, A trend reversal may lead to a loss of momentum for the bulls, potentially testing the lower support level at $30 in the upcoming week.
KEY LEVELS :
RESISTANCE LEVEL : $35.00-$40.00
SUPPORT LEVEL : $30.00-$27.00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Also read: eCash Price Prediction: All-Time High Looms on the Horizon
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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