Tanya Abrosimova
Independent Analyst
- Ethereum Classic moves within long-term downside channel.
- The short-term technical picture looks bearish as long as ETC stays below $19.50.
Ethereum Classic has lost over 13% since it peaked at $21.43 on March 21. The ETC losses seem to be less acute than those of other altcoins, but in general, the virtual currency is moving in lockstep with the rest of the cryptocurrency markets.
From the longer-term perspective, the critical support line comes at $16.00. Once it is broken on the daily close basis, the downside may be extended towards $13.95. This is the lowest level of 2018. The upside is limited by $20.00. This is the immediate resistance followed by $21.43 (March 21 high) and the upper line of downward-looking Andrew's pitchfork.
While the double bottom around the above-mentioned $16.00 level implies more protracted recovery, ETC needs a sustained break from Andrew's pitchfork to crack the long-term downside trend.
on the intraday level, the Ethereum Classic is moving within the downside trend with near-term resistance clustered in $19.20-$19.50 area with both 50 and 100-SMA making it all the harder to break.
ETC/USD, the daily chart
ETC/USD, the hourly chart
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