Ethereum Classic Price Analysis: ETC/USD drops down after failing at the $7-level
|- The market bounced up from support at the SMA 200 curve.
- The RSI indicator is trending around 34.375 and the Elliott Oscillator has had four straight red sessions.
ETC/USD daily chart
ETC/USD bulls ran out of steam near the $7-level and dropped from $6.96 to $6.84 in the early hours of Tuesday. The price is floating in a downward channel formation and below the SMA 20 and SMA 50 curves. The MACD indicates increasing bearish momentum, while the Elliott Oscillator has had four consecutive red sessions. Earlier this Monday, the price bounced up from the support provided by the SMA 20 curve to re-enter the 20-day Bollinger Band. The RSI indicator is trending around 34.375, next to the oversold zone, indicating that the market sentiment is presently bearish.
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.