<em><strong>The ETC price action shows a bullish reversal, gradually gaining momentum, ready to break above $45. Should you consider an early bullish entry?</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The Ethereum Classic price has increased 22% in the last two weeks.</li>
 	<li>The bull run inchoates a flag pattern in the daily chart.</li>
 	<li>With a market cap of $5.584 billion, the intraday trading volume of Ethereum Classic has increased by 54% to reach $1.324 billion.</li>
</ul>
<h3>Past Performance of ETC</h3>
As we mentioned in our <a href="https://www.cryptoknowmics.com/news/etc-technical-analysis-33-retest-teases-a-bull-run-to-50" target="_blank" rel="noopener">previous analysis</a>, the ETC prices displayed a successful post-retest reversal from the $33 mark to reach overhead resistance of $45. However, the bullish rally reverses from the $45 mark to retest the $38 breakout resulting in the formation of a rising wedge. Furthermore, the increasing wedge forms a bullish flag pattern with an 80% bull run in July 2022.

<img src="https://s3.tradingview.com/snapshots/5/5imUnonu.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/5imUnonu/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>ETC Technical Analysis</h2>
The ETC price action forms a morning star pattern in the daily chart as prices take a reversal from the support trendline. Hence a short-term buying opportunity arises as the trend may shortly reach the $45 mark close to the resistance trendline.

After the recent Golden Crossover, the bullish influence over the 100-day EMA increases, projecting a crossover possibility with the 200-day EMA.

The daily RSI slope maintains a downward trend in the nearly overbought zone, crossing below the 14-day average line. Moreover, the MACD indicator displays the fast and slow lines carrying a declining trend with the rising intensity of the negative histograms. Hence the technical indicators maintain a negative standpoint for the upcoming trend in Ethereum Classic prices.

In a nutshell, the ETC Technical Analysis displays a weakness in the bullish pattern, warning of a downfall possibility.
<h2>Upcoming Trend</h2>
The uptrend continuation in the ETC prices will break above the $45 resistance confluence to reach $50.

On the contrary, the fallout rally below the support trendline may test the $33 level, accounting for a 15% drop.

Resistance Levels:  $45 and $50

Support Levels: $38 and $33

ETC Technical Analysis: Is This Bullish Flag A Trap For Buyers?

The ETC technical analysis shows a bullish reversal, gradually gaining momentum, ready to break above $45. Should you consider an early bullish entry?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

ETC Technical Analysis: Is This Bullish Flag A Trap For Buyers?

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