• Ethereum Classic traded within a range from $20 to $23.88, with the mid-point at $21.94.
• Lower timeframe traders can look to long a revisit of the range lows, and short a test of the range highs.
• Neither indicator showed any favor to the bulls or the bears as ETC traded at the mid-range mark at the time of writing.
The cryptocurrency market is full of volatility and uncertainty on a day to day basis. Ethereum Classic (ETC) is no exception to this, as it has seen a wide range of price movement over the past few weeks. With ETC ranging between $20 and $23.88, there are a few key points to look out for in order to make successful trades.
The mid-point of this range is key to keep an eye on, as it is currently sitting at $21.94. This is important for traders who are looking to take advantage of the range-bound nature of ETC. Lower timeframe traders can look to long a revisit of the range lows, and short a test of the range highs. This could be a good way to capitalize on the range-bound nature of ETC.
When looking at indicators, both the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) are showing a neutral sentiment. The 4-hour RSI stands at 50, and the CMF is at zero. This indicates that neither the bulls nor the bears are in control of the market, as ETC is trading in the middle of the range at the time of writing.
Therefore, traders should be cautious when looking to take a position in Ethereum Classic. Although there is a higher timeframe bullish bias, the current price action indicates consolidation. Without significant momentum and volume, it is difficult to predict whether or not a breakout above $24 or a reversal beneath $20 will occur.
Overall, Ethereum Classic is currently trading in a range and key levels should be watched in order to capitalize on this range-bound nature. With the mid-point of the range sitting at $21.94, traders should look for opportunities to long a revisit of the range lows, and short a test of the range highs. However, caution should be taken when taking a position, as the current price action indicates consolidation.