Ethereum Classic Price Analysis: ETC/USD faces stiff resistance at $7.35

Ethereum Classic (ETC) is sidelined after a failed attempt to clear $7.35.
The critical support is created by psychological $7.00.

Tanya Abrosimova Independent Analyst

Ethereum Classic (ETC) settled in a range above $7.00 after wild price swings on the weekend. At the time of writing, ETC/USD is changing hands at $7.20, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. The coin attempted a recovery to $7.35 on Monday but stopped short of 1-hour SMA100. Ethereum Classic slipped to the 23d place in the global cryptocurrency market rating with the current market value of $840 million and an average daily trading volume of $860 million.

ETC/USD: Technical picture

On the intraday charts, ETC/USD is moving within the narrow range with the upper boundary created by a combination of 1-hour SMA100 and the upper line of the 1-hour Bollinger Band at $7.35. This barrier is reinforced by Monday's high. Once it is out of the way, the upside is likely to gain traction with the next focus on $7.40. When it is broken, the upside may be extended to $7.50.

ETC/USD 1-hour chart

On the downside, the local support is created by the lower line of the 1-hour Bollinger Band located on the approach to the psychological $7.00 reinforced by 200-daily SMA. A sustainable move below this area will worsen the short-term technical picture and bring 100-day SMA at $6.50 into view.