Ethereum Classis price analysis: ETC/USD the bull in a bear market
|- Ethereum Classic flies the bull flag high adding 5.7% on the day.
- ETC/USD to could see a substantial move to the upside in the next few hours.
Ethereum is trading slightly in the green, which is a huge development considering the how bloody the market looks at the time of writing. We have come to the end of the week but the levels in the market continues to worry investors. It is difficult to tell when the declines will hit the floor and pave the way for a reversal.
Meanwhile, Ethereum Classic is valued at $3.58 following a 2.17% rise on Friday. Other digital assets are in red starting with all the top three coins. Bitcoin price is correcting lower by 1.14%, Ethereum by 5.7% while Ripple (XRP) by 0.92%.
Indicators in the hourly range send positive signals. There is a bullish pressure growing with the current bounce. Slightly below the current price, the first support is at $3.4. A second support can be seen at $3.2 (demand zone) while further breakdown in case of a reversal will find a support at $3.0 (support concentration level).
Ethereum Classic price is below the hourly simple moving average. The ongoing recovery is likely to hit a snag if the asset lacks support. The MACD had travelled to the levels around -0.2 but is currently heading upwards and could cross into the positive zone marking the start of a bullish move. The DMI is at higher levels compared to those seen on Monday and Tuesday to show that the bulls are increasing their activity and we could continue to see a substantial move to the upside in the next few hours.
On the upside, the first resistance is at $3.8 (immediate supply zone). The second hurdle is the 50 SMA while the 100 SMA will also limit gains in the same range. Significant struggle to be encountered at $4.8 (seller concentration level) as the buyers eye $5.00.
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