Ethereum Classic Price Analysis: ETC finds some support at the intraday trendline
- After a choppy session, Ethereum Classic trades 4% lower on Friday.
- The pair broke lower but found support at the intraday trendline.
ETC/USD 30-minute chart
Ethereum Classic has had a very choppy session on Friday. at 8am London time the price hit a high of 5.53 but could not keep hold of the gains above 5.50. Then the sellers came in and dragged the price down to 4.42 at 8.30pm London time. Since then the buyers have brought the price back up above the black trendline but once again 5.00 was a step too far.
The MACD histogram is below the zero line, along with the signal lines. The price is also under the moving average (55 SMA) which is another bearish sign. Interestingly, something about the chart still looks bullish. The market has made a lower high and lower low wave but the base still looks strong and may hold. The key resistance is still 5.50 while support is holding at 4.47
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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.
