• Ethereum Classic (ETC/USD) is moving within the short-term downside trend.
  • The critical resistance is located on the approach to $4.60.

Ethereum Classic, now the 23rd largest digital asset with the current market value of $556 million, has lost 1.1% in recent 24 hours, moving in sync with the market. An average daily trading volume settled at $635 million, in line with the trading activity. 

ETC/USD, the technical picture

ETC/USD bottomed at $4.78 on Thursday, which is the lowest level since November 8, and retreated to $4.8 by the time of writing. Looking technically, the coin's upside momentum is capped by SMA50 (Simple Moving Average) 1-hour at $4.86 followed by SMA100 1-hour at $4.90. This technical barrier separates us from psychological $5.00. Once it is cleared, the upside is likely to gain traction with the next focus on the recent high of $5.40. This resistance is created by SMA100 daily.

On the downside, keep an eye on $4.73. This support area is strengthened by SMA50 daily and the lower line of the Bollinger Band on a 1-hour chart. If it is broken, the sell-off may continue towards $4.63 (the lower line of the daily Bollinger Band) and $4.00 ( October 23 low).

ETC/USD, daily chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD movement limited by strong support and resistance levels

BTC/USD went down from $9,236.72 to $9,216.61 in the early hours of Friday. The price is sandwiched between strong support and resistance levels at $9,300 and $9,200, respectively.

More Bitcoin News

Ripple Price Prediction: XRP/USD ultimate rally to $0.30 impends

Ripple performed incredibly well this week, shifting attention back to the major cryptocurrencies. Bitcoin tried to follow the rally but was held back by the resistance at $9,450. Ethereum recovered significantly ...

More Ripple News

ETH/USD bullish scenario, why $250 and $280 are within reach?

Ethereum recovery towards $250 was recently cut short at $245. The price started to narrow down towards $240 again. At the time of writing, ETH/USD is trading at $240.50 amid a sideways trading action.

More Ethereum News

Stellar Price Analysis: XLM/USD bears look to negate Thursday's gains

XLM dropped from $0.0906 to $0.0868 so far this Friday as the bears took control following four consecutive bullish sessions. The price has dropped below the $0.09-level and is looking to fall back ...

More Stellar Lumens News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast