Ethereum Classic Price Analysis: Why ETC/USD bullish case to $15 faded?
|- Ethereum Classic suffers under the influence of the bears as the path of least resistance remains downward.
- ETC/USD technical indicators gang up in support of the bears leaving the bulls helpless under $10.00.
Ethereum Classic has quickly transformed from the best performing altcoin to the worst performing digital asset among its peers. After touching highs at $13.00 and failing to sustain gains to $15, the cryptoasset embarked on a gain-trimming activity. The sharp destructive movement smashed past key support areas including $12.00, $11.50, and $10.00. More downside action explored levels under $9.00 before finding balance at $8.75.
In the last couple of days, ETC/USD has attempted to reverse into the bullish phase. However, seller activity at $10.00 and $10.50 has been intense. At the time of writing, ETC is trading at $9.872. The ongoing retreat comes after another rejection at $10.50.
Ethereum Classic is trading below the trendline resistance as well as the 100SMA resistance at $10.106. The 50SMA is still in a position to offer support, especially if the bearish momentum progresses in the direction of $9.00.
Ethereum Classic worsening technical picture
According to the various applied technical indicators, ETC’s technical picture has a bearish tone. The RSI, after failing to rise above 70, revived the downtrend likely to break under 50. There is also a likelihood of the MACD ending up in the negative region. Besides, a developing bearish divergence already puts the bears in the spotlight. In other words, ETC/USD could continue sustaining losses until it finds a credible support area (preferably $8.50) and the right volume to effect a proper bullish reversal.
ETC/USD 1-hour chart
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