$ETC – Range Tightening, Classic L1 Bounce Setup 📈
ENTRY ZONE: $8.15 – $8.30
STOP LOSS: $7.95
**TARGETS:**
🥇 $8.75
🥈 $9.40
🥉 $10.50
🔍 Current Market Context:
· Current price: $8.39–$8.66 range after recent volatility
· 24h change: +15.69% surge followed by consolidation
· Key support: $8.15–$8.30 zone aligning with pivot levels
· Immediate resistance: $8.75–$8.82
· Major resistance: $9.40–$9.94 (breakout level)
📊 Technical Structure:
· Range tightening: Price compressing between $8.15 support and $8.75 resistance
· EMA support: 20 EMA on 4H at ~$8.70 — holding above keeps structure bullish
· Momentum signals: MACD showing strengthening bullish momentum with green bars increasing
· RSI: ~41–45 — neutral, room for upside
· Descending channel breakout potential: Daily chart shows channel structure; move above $9.94 would confirm trend reversal
⚠️ Risk Factors:
· Mixed signals: 8 sell, 11 buy overall — neutral bias
· Derivatives bearish: Open Interest down to $90.12M, funding rate negative (-0.0282) — shorts dominating futures
· Capital concentration: Whale dominance creates volatility risk
The Thesis:
$ETC tightened into a range after the recent 15% surge. The $8.15–$8.30 zone offers a low-risk bounce entry if support holds. First target $8.75 aligns with pivot resistance . Clear that and $9.40–$9.94 opens up. Macro target $10.50+ if momentum sustains and broader market improves.
Trade $ETC here 👇
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