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Ethereum Classic Price Analysis: ETC/USD bulls run out of steam at the $9.35 level

  • The SMA 50 is looking to cross over the SMA 200, which is a bullish sign.
  • The RSI indicator is looking to drop below the overbought zone.
Ethereum Classic Price Analysis: ETC/USD bulls run out of steam at the $9.35 level
Rajarshi MitraRajarshi MitraIndependent Analyst

ETC/USD daily chart

ETC/USD daily chart

Following four consecutive bullish days, the buyers ran out of steam at the $9.35 level. ETC/USD fell from $9.34 to $8.84. The bulls will need to protect the support at the upward trending line. The SMA 50 is looking to cross over the SMA 200 curve, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum, while the Elliott Oscillator shows four straight red sessions. The RSI indicator is looking to drop below the overbought zone. All these signs indicate that the current market sentiment is bearish.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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