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

The ETC price action shows a bullish reversal, gradually gaining momentum, ready to break above $45. Should you consider an early bullish entry? Key Technical Points: The Ethereum Classic price has increased 22% in the last two weeks. The bull run inchoates a flag pattern in the daily chart. With a market cap of $5.584 billion, the intraday trading volume of Ethereum Classic has increased by 54% to reach $1.324 billion. Past Performance of ETC As we mentioned in our previous analysis, 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. Source – Tradingview ETC Technical Analysis 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 carr...