As of the moment, despite being inside a short-term bullish pattern, Ethereum Classic (ETC) has not shown any definitive bullish signals.
Since September 6, the coin has been declining beneath a downward resistance line. The price fell to a low of £16.9 on January 22.
Since then, the price of ETC has been going up, and on March 20, it managed to break out from the descending resistance line. On March 26, it reached a high of £42.3, followed by a continuous drop in the price.
The decline has caused ETC to fall below £27.5, a level that is now projected to act as resistance.
The price hit a low of £23.8 on April 26, possibly validating the previous downward resistance line as support.
The daily time frame has bearish technical indicators, notwithstanding the chance of a recovery. The MACD and RSI are both dropping, indicating the same.
The MACD has formed a bearish cross and is now in negative territory, which are both bearish indicators. The RSI has also dropped below 50 and is in a downward trend.
As a result, indicators on the daily time frame are bearish.
The downward movement has assumed the form of a descending wedge, which is a bullish pattern.
ETC has also reached the minor £24.7 horizontal support level.
If there is a breakout, the next nearest resistance is at £30.8. This is the resistance level of the 0.382 Fib retracement. Other than that, there are no indicators of a bullish trend.
Between 17 and 25 April, the Binance futures funding rate metric moved from negative to positive. While this does not necessarily imply that the price will rise, it does indicate that there are more long positions in the futures market. As the price continues to fall, this indicates that derivatives investors are changing to a bullish mindset.