Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
Bitcoin climbed back above the $30k mark in recent hours, and the Bitcoin Dominance metric was falling on 17 May. This could be an early sign that, over the next couple of days, altcoins could be set to rally from their recent lows.
The price action of Ethereum Classic did not really favor either the bulls or the bears, although the indicators showed a slight bullish bias. Now the question is- Do the buyers have enough strength to move ETC northward to the $23-$24 area?
ETC 1-Hour Chart
The Volume Profile Visible Range showed the Point of Control to lie at $20.89. This is the level where the most trading, by volume, has occurred in the range visible on the charts. The Value Area Highs and Lows lie at $25.5 and $16.86 respectively for ETC.
Since the price was trading above the POC, it meant that the bulls had some strength, and could drive prices toward the next node of high trading volume at $24.
As long as the price remains above the $20 mark, there is a chance that the prices can be pushed higher by buyers.
The RSI on the hourly chart climbed above neutral 50 once again, however, it has been oscillating between the 40 and 60 values in the past four days. Therefore, the momentum was neutral with a bullish tinge, as each move upward was defended.
The MACD was on the verge of climbing above the zero line as well, and it would be another signal of bullish momentum for ETC. In the meantime, the A/D indicator was, very slowly, rising in the past few days. Hence, the inference is that bulls had a slight upper hand in recent days.
The bulls were able to push ETC above the POC, and there was some faint buying pressure in the past few days. Therefore, a rally upward can be expected for Ethereum Classic.
However, while this was a likelihood, Bitcoin was also likely to have a huge influence on the direction of the Ethereum Classic in the next few hours. As things stand, the low timeframe bias for ETC leaned toward the bulls.