fxs_header_sponsor_anchor

Ethereum Classic Price Analysis: ETC/USD may retest $7.00

  • ETC has lost 1.5% since the beginning of the day.
  • The price may retest the upper boundary of the consolidation channel.

Ethereum Classic retreated from Monday’s recovery high of $6.9 to trade at $6.72 at the time of writing. The coin has barely changed since this time on Monday and lost about 1.5% of its value since the beginning of Tuesday amid slow momentum on the cryptocurrency market. Ethereum Classic takes 19th place in the global cryptocurrency market with a total capitalization of $782 billion and an average daily trading volume $1.44 billion. 

ETC/USD: Technical picture

From the short-term point of view, ETC/USD recovery is limited by the psychological 7.00 level This pivotal resistance served as an important barrier during the previous week’s consolidation pattern. Once it is out of the way, the upside is likely to gain traction with the next focus on $7.60, which is the recent recovery high and the highest level since May 5.  

On the downside, the price is supported by 4-hour SMA50 below $6.60. If it is broken, the sell-off will continue towards the next support created by a combination of 4-hour SMA100 and the lower line of the 4-hour Bollinger Band on approach to $6.40. This barrier separates ETC from an extended sell-off towards psychological $6.00, closely followed by the recent consolidation channel.

The RSI on the intraday charts attempts the upside reversal, which means ETC is likely to retest the upper limit of the channel.

ETC/USD 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.