ETC’s value has been falling recently, losing almost a fifth of what it was previously worth. That is only a portion of a larger trend, as the daily Ethereum value chart shows a slight fall. The beginning of this significant downturn marked the beginning of a strong resistance development line, which during the current correction further cemented and established a secondary resistance trendline.
Digging a little deeper reveals Ethereum Basic has continuous resilience at a $14.75 level. Notably, this assistance has proven to be a stronghold, helping Ethereum Basic to recover about 5 times. The ETC price movement at this point suggests a potential double-bottom reversal and is gearing up to challenge the secondary resistance development line at the same time as the 50-day exponential shifting average.
Ethereum Basic is currently trading at $15.53, showing a slight intraday decline of 0.26%. However, the unexpected increase in Bitcoin’s value last night has increased hope for altcoins and suggested a potential turnaround. The RSI indicator reveals a notable positive divergence in conjunction with the double-bottom formation, confirming this bullish thesis. The MACD indicator also confirms this bullish divergence, establishing a constructive connection between the MACD and its sign line.
A bullish surge is anticipated if the ETC value surpasses this short-term resistance development line. At $19, a climb of 22%, it would knock on the doors of the first resistance trendline. On the other hand, if things go wrong, the price of Ethereum Basic can fall below the $14.75 mark. In this scenario, we would see a particularly severe bearish decline with a propensity to head towards $12.65.
