📊 Ethereum Classic (ETC): Short-term rebound or bull trap?
Currently, $ETC shows signs of partial recovery, with trading prices maintaining around $9.18. Let's take a look at the signals from the technical analysis:
✅ Bullish direction: The price has successfully risen above MA-20 ($8.75). This brings a glimmer of hope for a short-term upward trend.
⚠️ Reality check: The overall environment is still in a "bear market." ETC remains well below the key resistance lines: MA-50 ($10.78) and MA-200 ($15.55). This means the global trend has not yet reversed.
Technical indicator analysis:
MACD and ADX: Still show that selling pressure dominates. RSI: Around 42 (neutral to weak). Stoch RSI: Indicates overbought conditions. The upward momentum seems to be nearing exhaustion, and the rebound could stall at any moment.
🎯 Forecast for the next 5 days:
There is a high probability of entering a consolidation phase.
Support level: $7.76 – $7.94 range. If it can hold, it will maintain fluctuations. Resistance level: The recent core target and obstacle is $9.39. If it cannot break through this level, the downside risk will significantly increase.
Summary: Caution is advised when chasing at the current price level. If the support level is broken, the risk of a pullback is high.
The above content does not constitute investment advice. Please be sure to conduct your own research (DYOR).
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