Ethereum Classic Price Analysis: 5.00 is the level to watch
- Ethereum Classic trades over 1% lower as the Monday sell of hits all the majors.
- The price found some support ahead of the psychological 5.00 level.
ETC/USD 1-hour chart
Ethereum Classic is looking pretty bearish but some buying pressure has just kicked in. The price has broken above the 55 hourly exponential moving average after only breaking below it earlier in the session. The RSI indicator has also just moved back above the 50 mid-line which could just be a short term pullback.
Interestingly, the volume is looking subdued which insinuates there is not much backing for some of the more recent moves. The market has also been making lower high and lower low waves so until that changes it's hard to be bullish. The red support zone is now the key level to watch as if it breaks it could give more clues to the future path of Ethereum classic.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
