Ethereum Classic Price Forecast: ETC/USD freefalls from $6.50, can the ascending channel support hold?
|- Ethereum Classic bulls bow to the selling pressure at $6.50 and retreat to find balance above the channel support.
- ETC/USD has the potential to push for consolidation in the meantime before staging another attack.
Ethereum Classic’s lock-step trading has been progressive in its own way, especially this week. Several resistance zones have been pushed into the rearview including $6.20 and $6.40. The recovery has also been happening within the confines of an ascending channel. ETC/USD extended the bullish leg to test the $6.50 hurdle on Thursday. However, a reversal swept in almost immediately.
At the time of writing, ETC/USD has retreated under the former resistance at $6.4. The price teeters at $6.383 while struggling to hold above the channel support. From a technical perspective, losses are likely to take precedence in the coming sessions. A study of the MACD reveals that selling pressure has increased. The downward movement coupled with a bearish divergence from the MACD puts emphasis on the sellers' influence over the price.
If the technical picture remains unchanged, Ethereum Classic would spiral to test the support at the 50 SMA in the 1-hour range. The former hurdles are likely to hold as buyer strong zones starting with $6.20, $6.10 and $6.00.
On the other hand, a sideways moving RSI highlights the possibility of consolidation taking over. The RSI has slowed down the downward movement, holding the ground at the midline. Therefore, all is not lost for ETC bulls as they can redeem themselves by first, consolidating before forging another breakout.
ETC/USD 1-hour chart
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