- Ethereum Classic is holding above the 50-day SMA even as the bearish grip becomes stronger.
- ETC/USD is likely to settle for consolidation in the coming sessions according to the technical picture.
Ethereum Classic price is spiraling after bulls failed to sustain gains towards the hurdle at $7.00. This comes after a breakout above a long term descending trendline. Like most altcoins, ETC was not able to join in Wednesday’s rally that saw Bitcoin shoot above $9,500 and Ethereum hit levels past $265.
At the moment, ETC/USD is dancing at $6.33 after losing a subtle 0.5% on the day. The fall has been consistent in the last hour with Ethereum Classic falling by 2% in five to ten minutes.
The cryptoasset’s immediate downside is protected by the 50-day SMA. In addition, the recently broken descending trendline resistance could help keep the price above $6.00. Meanwhile, technical signals seem to be reducing. The RSI is settling for a sideways movement at 58.62 which suggests that consolidation is likely to take over.
The consolidation is reinforced by the MACD in the same daily range. As long as the indicator keeps clinging to the midline, sidelong trading will be Ethereum Classic’s cup of tea. On the other hand, it is essential that bulls do not lose sight of the barrier at the 200-day SMA ($7.00). Note that, stepping above this level could eventually blast ETC/USD towards the psychological $10.00.
ETC/USD daily chart
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