Grayscale Ethereum Classic Trust (ETC) ETF Forecast
Grayscale Ethereum Classic Trust (ETC) ETF price down 3.62% on Thursday
(Updated on May 09, 2024)
The Grayscale Ethereum Classic Trust (ETC) ETF price fell by -3.62% on the last day (Thursday, 9th May 2024) from $12.99 to $12.52. During the last trading day the ETF fluctuated 4.28% from a day low at $12.38 to a day high of $12.91. The price has been going up and down for this period, and there has been a -6.29% loss for the last 2 weeks. Volume has increased on the last day by 21 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 46 thousand shares were bought and sold for approximately $578.17 thousand.
The ETF is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $11.61 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Grayscale Ethereum Classic Trust (ETC) ETF with a 90% probability to be traded between $11.46 and $18.58 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ETCG Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 7.58%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Grayscale Ethereum Classic Trust (ETC) ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $12.53 and $14.53. A break-up above any of these levels will issue buy signals. Grayscale Ethereum Classic Trust (ETC) gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Grayscale Ethereum Classic Trust (ETC) ETF
Grayscale Ethereum Classic Trust (ETC) finds support from accumulated volume at $12.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.530 between high and low, or 4.28%. For the last week, the ETF has had daily average volatility of 4.92%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ETCG) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Grayscale Ethereum Classic Trust (ETC) to open at $12.60, and during the day (based on 14 day Average True Range), to move between $11.51 and $13.53, which gives a possible trading interval of +/-$1.01 (+/-8.05%) up or down from last closing price. If Grayscale Ethereum Classic Trust (ETC) takes out the full calculated possible swing range there will be an estimated 16.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $12.50 (0.16%) than the resistance at $13.15 (5.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Grayscale Ethereum Classic Trust (ETC) ETF A Buy?
Grayscale Ethereum Classic Trust (ETC) holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -4.023 Sell Candidate Unchanged
Predicted Opening Price for Grayscale Ethereum Classic Trust (ETC) of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $12.60 ( 0.666%) | $12.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ETCG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.13 | 4.90 % | |
| R2 | 12.93 | 3.28 % | ||
| R1 | 12.81 | 2.28 % | ||
| Current price: | 12.52 | |||
| Support | S1 | 12.40 | -0.95 % | |
| S2 | 12.28 | -1.95 % | ||
| S3 | 12.07 | -3.57 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.50 | 23.80 % | |
| R2 | 14.18 | 13.22 % | ||
| R1 | 13.15 | 5.03 % | ||
| Current price | 12.52 | |||
| Support | S1 | 12.50 | -0.160% | |
| S2 | 12.00 | -4.15% | ||
| S3 | 11.75 | -6.15% |
FAQ
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