This trading week the ETC market participants were waiting for a surprise. If the previous weekly candle was able to practically absorb the candle of sellers from 20 September, now buyers are in no hurry. The sharp Bitcoin price growth has drawn capital from altcoins and made everyone stop and think about what this rally could end up like. Entering the top 10 cryptocurrencies in terms of daily trading volumes, ETC may not worry about its life.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/c/cYmHoO6B.png" alt="ETC" width="1387" height="793" />

<a href="https://www.tradingview.com/x/cYmHoO6B/">https://www.tradingview.com/x/cYmHoO6B/</a>

However, should we expect the same aggressive growth wave from the ETC price after Bitcoin stops? Globally, <a href="https://www.cryptoknowmics.com/news/etc-technical-analysis-price-may-fall-below-the-support-level-of-41-85/">the long-term consolidation</a> of the ETC market began in May 2021. The lower limit of this consolidation is in the range of $37-$40. Given the weekly trading volumes, it is noticeable that sellers have not yet touched the real liquidity zone, from which buyers would be ready to start a new global growth wave. And given that the local victory of buyers last week was not followed by any active counterattack this week - the probability of lowering the price to the lower limit of consolidation is quite high.
<h2>Technical Analysis of ETC on the Daily Timeframe</h2>
<img src="https://s3.tradingview.com/snapshots/d/DNIeREDT.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/DNIeREDT/">https://www.tradingview.com/x/DNIeREDT/</a>

After the famous fall of the ETC price on 7 September, sellers did not continue to put pressure on the price. A strong powerful fall wave turned into a shallow inertial, which is now on the verge of completion. The critical point for the current local fall trend is in the range of $65-$67. In this range is the upper trend line of the local downward trend. Given that buyers are currently behaving rather passively, there is a high probability that sellers will be able to keep this liquidity zone. In this case, our main scenario is the continuation of the local fall of the ETC price to $37-$40.

Looking at the recent active actions of buyers in the BTC market, it is thought that the local correction of the Bitcoin market simply has to happen. Of course, during this correction, other altcoins will experience another wave of decline. However, we expect this to be the last fall wave before the several-month growth trend.
<h2>The ETCBTC Price Seeks to Continue the Correction</h2>
<img src="https://s3.tradingview.com/snapshots/l/lYqYompv.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/lYqYompv/">https://www.tradingview.com/x/lYqYompv/</a>

The ETCBTC chart speaks for itself about such a scenario. As we can see in the weekly timeframe after the phenomenal growth impulse, the ETC price correction is still weak at the moment. The first real target of sellers is 20% below the current price. Therefore, seeing a confident rebound in the ETCBCTC price from the range of 0.00074-0.0008, we will actively look in the direction of reversal of the ETC market. But, if buyers find strength in themselves sooner - it is important to control the range of 0.001. If this mark comes under the control of buyers, the mood in the ETC market will change drastically in the opposite direction.

ETC Technical Analysis: The Market Has Not Felt the Bottom Yet

As we can see in the weekly timeframe after the phenomenal growth impulse, the ETC price correction is still weak at the moment.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

ETC Technical Analysis: The Market Has Not Felt the Bottom Yet

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