Ethereum Classic Price Analysis: ETC/USD lock-step trading delays breakout beyond $7.20

Ethereum Classic hit a new monthly high on August 2 at $8.304. The impressive price action from mid-July saw various technical barriers easily pushed into the rearview. However, action towards $8.5 lost steam culminating in losses under $8.0. ETC/USD bulls worked hard to hold onto the gains above $7.0 but the downtrend refreshed levels at $6.80 support over the last weekend session.

Trading on Monday was relatively progressive as buyers managed to pull the price above $7.0. Unfortunately, the upside was capped under $7.20 giving way to the sellers’ reach. A lock-step trading action has seen ETC/USD remain comparatively in the same position.

At the time of writing, Ethereum Classic (ETC) is trading at $7.040 following a bounce off the support at $7.00. The immediate upside is limited at $7.05 ahead of more hurdles at the 50 SMA in the 15-minutes timeframe.

The technical picture is gradually getting into the bullish hands especially with the RSI recovering towards the midline. However, a bearish cloud still hovers over the price as highlighted by the MACD’s position marginally under the midline.

In other words, buyers have the say but sellers have refused to give them a chance to exercise their power. On the downside, support at $7.0 will continue to keep the bears in check. It is aided by the ascending trendline support, the 100 SMA ($6.996), $6.95 and $6.80.

ETC/USD 15’ chart