Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.A break below $19.95 would be an invalidation.got into the $19.95 – $21.77 range. ETC has been trading in the above range since 7 January.At press time, ETC was trading at $20.52 and could retest the upper range boundary of $21.77 if the demand kicks in. Well, the CPI data will have an important role to play here.
In addition, the Money Flow Index rebounded from the midrange and showed that a significant distribution had taken place. However, a break below $19.55 support would invalidate the bullish forecast. Such a move could see bears settle at the 61.8% Fib level of $19.09 or 100-period EMA of $18.76.According to Messari, ETC’s mining hash rates declined steadily from mid-December 2022 and bottomed out at the end of December. Afterward, it registered an uptick but has yet to reach the mid-December levels.
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