Grayscale Ethereum Classic Trust (ETC) ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Weaker technical forecast for Grayscale Ethereum Classic Trust (ETC) as ETF downgraded to Sell Candidate.
(Updated on May 31, 2024)
The Grayscale Ethereum Classic Trust (ETC) ETF price gained 0.87% on the last trading day (Friday, 31st May 2024), rising from $15.02 to $15.15. During the last trading day the ETF fluctuated 4.40% from a day low at $14.75 to a day high of $15.40. The price has risen in 6 of the last 10 days and is up by 21.39% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 17 thousand more shares were traded than the day before. In total, 60 thousand shares were bought and sold for approximately $904.74 thousand.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -16.90% during the next 3 months and, with a 90% probability hold a price between $8.59 and $13.99 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ETCG Signals & Forecast
The Grayscale Ethereum Classic Trust (ETC) ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $15.54. On a fall, the ETF will find some support from the long-term average at approximately $13.64. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Grayscale Ethereum Classic Trust (ETC) has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 24, 2024, and so far it has fallen -7.90%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Grayscale Ethereum Classic Trust (ETC) ETF
Grayscale Ethereum Classic Trust (ETC) finds support from accumulated volume at $14.70 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 $0.649 between high and low, or 4.40%. For the last week, the ETF has had daily average volatility of 6.85%.
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 Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Grayscale Ethereum Classic Trust (ETC) to open at $15.10, and during the day (based on 14 day Average True Range), to move between $14.03 and $16.27, which gives a possible trading interval of +/-$1.12 (+/-7.36%) 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 14.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.70 (2.99%) than the resistance at $16.21 (7.00%), 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 we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.780 Sell Candidate Downgraded
Predicted Opening Price for Grayscale Ethereum Classic Trust (ETC) of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $15.10 ( 0.332%) | $15.15 |
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 | 15.75 | 3.95 % | |
| R2 | 15.50 | 2.32 % | ||
| R1 | 15.35 | 1.30 % | ||
| Current price: | 15.15 | |||
| Support | S1 | 14.85 | -1.97 % | |
| S2 | 14.70 | -2.98 % | ||
| S3 | 14.45 | -4.62 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.49 | 22.05 % | |
| R2 | 17.90 | 18.15 % | ||
| R1 | 16.21 | 7.00 % | ||
| Current price | 15.15 | |||
| Support | S1 | 14.70 | -2.99% | |
| S2 | 14.18 | -6.44% | ||
| S3 | 13.15 | -13.20% |
FAQ
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