- 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
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