Ethereum Classic Chart Analysis: ETC/USD looks north, inverse head-and-shoulders in play

ETC/USD consolidates Friday’s recovery below $6.70 on Saturday.
Bulls carve out inverse head-and-shoulders pattern on the hourly chart.
The coin eyes a sustained break above 200-HMA at $6.6478.

Ethereum Classic (ETC/USD) is in a consolidative mode so far this Saturday, having stalled a robust recovery just above the $6.6800 level.

Over the last hours, the spot is seen struggling to hold ground above the 200-hourly Simple Moving Averages (HMA), now placed at $6.6478.

The ETC bulls are awaiting a sustained break above the latter to challenge the horizontal trendline barrier at $6.7094, which is the neckline of the potential inverse head-and-shoulders formation carved over the past three trading sessions.

Should the pattern get confirmed, a test of the $7.00 mark looks inevitable in the coming days. The hourly Relative Strength Index (RSI) stays bullish at 61.98, backing the bullish case.

Alternatively, the upside bias would weakness if the price closes the day below the 21-HMA at $6.6079.

The bears will then target the $6.5200 support zone, where the intraday low, 50 and 100-HMAs coincide.

Friday’s low of $6.2745 could be the last resort for the ETC bulls.

ETC/USD: Hourly chart

fxsoriginal

ETC/USD: Additional levels to consider

ETC/USD

Overview
Today last price	6.6451
Today Daily Change	0.0368
Today Daily Change %	0.56
Today daily open	6.6084

Trends
Daily SMA20	6.8506
Daily SMA50	6.7612
Daily SMA100	6.5903
Daily SMA200	6.6502

Levels
Previous Daily High	6.7133
Previous Daily Low	6.2745
Previous Weekly High	6.8886
Previous Weekly Low	6.2096
Previous Monthly High	7.5745
Previous Monthly Low	5.5346
Daily Fibonacci 38.2%	6.5457
Daily Fibonacci 61.8%	6.4421
Daily Pivot Point S1	6.3508
Daily Pivot Point S2	6.0933
Daily Pivot Point S3	5.912
Daily Pivot Point R1	6.7896
Daily Pivot Point R2	6.9709
Daily Pivot Point R3	7.2285

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