Ethereum Classic / US Dollar Cryptocurrency Forecast

Red day on Friday for Ethereum Classic / US Dollar cryptocurrency after losing 0%
(Updated on May 03, 2024)

ETCUSD Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 1.75%. 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 Ethereum Classic / US Dollar cryptocurrency 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 $26.82 and $29.34. A break-up above any of these levels will issue buy signals. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.

Support, Risk & Stop-loss for Ethereum Classic / US Dollar cryptocurrency

Ethereum Classic / US Dollar finds support from accumulated volume at $25.29 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $1.07 between high and low, or 4.31%. For the last week, the cryptocurrency has had daily average volatility of 8.77%.

Our recommended stop-loss: $24.33 (-5.45%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)

Trading Expectations (ETCUSD) For The Upcoming Trading Day Of Saturday 4th

For the upcoming trading day on Saturday, 4th we expect Ethereum Classic / US Dollar to open at $25.48, and during the day (based on 14 day Average True Range), to move between $23.30 and $28.16, which gives a possible trading interval of +/-$2.43 (+/-9.44%) up or down from last closing price. If Ethereum Classic / US Dollar takes out the full calculated possible swing range there will be an estimated 18.87% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $25.83 (0.39%) than the support at $25.29 (1.72%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Ethereum Classic / US Dollar cryptocurrency A Buy?

Ethereum Classic / US Dollar holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.464 Hold/Accumulate Unchanged

Predicted Opening Price for Ethereum Classic / US Dollar of Saturday, May 4, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.