Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation
Bitcoin climbed again above the $30k mark in current hours, and the Bitcoin Dominance metric was falling on 17 Could. This may very well be an early signal that, over the following couple of days, altcoins may very well be set to rally from their current lows.
The value motion of Ethereum Traditional didn’t actually favor both the bulls or the bears, though the indications confirmed a slight bullish bias. Now the query is- Do the patrons have sufficient power to maneuver ETC northward to the $23-$24 space?
ETC 1-Hour Chart
Supply: ETC/USDT on TradingView
The Quantity Profile Seen Vary confirmed the Level of Management to lie at $20.89. That is the extent the place essentially the most buying and selling, by quantity, has occurred within the vary seen on the charts. The Worth Space Highs and Lows lie at $25.5 and $16.86 respectively for ETC.
For the reason that worth was buying and selling above the POC, it meant that the bulls had some power, and will drive costs towards the following node of excessive buying and selling quantity at $24.
So long as the value stays above the $20 mark, there’s a probability that the costs will be pushed greater by patrons.
Rationale
Supply: ETC/USDT on TradingView
The RSI on the hourly chart climbed above impartial 50 as soon as once more, nonetheless, it has been oscillating between the 40 and 60 values up to now 4 days. Subsequently, the momentum was impartial with a bullish tinge, as every transfer upward was defended.
The MACD was on the verge of climbing above the zero line as properly, and it might be one other sign of bullish momentum for ETC. Within the meantime, the A/D indicator was, very slowly, rising up to now few days. Therefore, the inference is that bulls had a slight higher hand in current days.
Conclusion
The bulls had been capable of push ETC above the POC, and there was some faint shopping for stress up to now few days. Subsequently, a rally upward will be anticipated for Ethereum Traditional.
Nonetheless, whereas this was a chance, Bitcoin was additionally more likely to have an enormous affect on the route of the Ethereum Traditional within the subsequent few hours. As issues stand, the low timeframe bias for ETC leaned towards the bulls.
