ETC price action shows a phenomenal rise in buying pressure resulting in a 25% jump in the last 24 hours. Will this uptrend reach the $50 mark? ETC prices jumped remarkably last night, resulting in a 22% hike and a bullish engulfing candle crossing above $38. Moreover, the bullish follow-through candle exceeds $40 and might shortly reach the $44.8 overhead resistance. So, will the buying pressure sustain to reclaim the psychological mark of $50? Key Points: The ETC market price reaches the $40 mark. The 100 and 200-day EMAs are preparing for a bullish crossover. The intraday trading volume in ETC is $2.37 billion. Source – TradingView ETC Technical Analysis The ETC price sustains above the 200-day EMA and the $30 mark after the recent rising wedge fallout, accounting for a price drop of 30%. However, the consolidation range between $30 and $33 levels led to a bullish breakout with the support of the 50-day EMA. With a 22% jump overnight, the bullish engulfing candle results in the consolidation range breakout and exceeds the $38 mark. Furthermore, the bullish follow-through candle shows its 4% growth today and exceeds the psychological mark of $40. Additionally, the spike in the intraday trading volume supporting the bullish candle increases the likelihood of an uptrend to the next resistance level of $44.80. If the buying pressure sustains, Ethereum Classic prices might reach the psychological mark of $50 after exceeding the ...
