Price Correction
ETC has seen remarkable growth, surging over 80% from the strong support level of $13, reaching the resistance range of $22-23.3. However, this resistance level triggered a significant negative reaction, leading to a substantial profit-saving phase for buyers. As a result, the price has entered a correction wave. Notably, both the weekly and daily time frames indicate an overall upward trend for ETC. However, it's worth noting that the correction process may take some time.
In the short term, the 4-hour timeframe shows a dynamic support level that is crucial to monitor. A forceful break below this support line could signal a potential retracement towards the $17 support level. On the other hand, if the demand at the $17 support level increases, accompanied by a rise in trading volume, there's a likelihood of a short-term upward trend resuming, and the price could move towards its previous resistance levels.
As of now, the Relative Strength Index (RSI) for ETC on the daily timeframe stands at 52. An RSI of 52 suggests that the currency is in a somewhat neutral state, neither overbought nor oversold. It indicates a balanced market sentiment, where buying and selling pressures are relatively stable. Traders and investors should keep a close eye on how the RSI evolves alongside price movements to gain further insights into potential shifts in market momentum.
