Ethereum Classic price analysis: ETC/USD maintains the lead ignoring market’s bear pressure


  • Ethereum Classic bullish momentum has legs at $7.2 - $7.4 support area.
  • Technical analysis suggests the bulls are losing momentum especially with the retreating downwards.

Ethereum Classic rose significantly on Friday posting gains above 3%. The rise comes at the time the crypto market is sending mixed positive and negative signals. However, for Ethereum Classic, the current bullish correction has legs at $7.2 - $7.4 (buyer congestion zone).

The declines towards the end of June dived below the 23.6% Fib retracement level taken between the last swing high at $8.7 to a swing low of $7.98. ETC/USD retested the support at $7.4 and defended the support at $7.2. Initial recovery yesterday zoomed above the 61.8% Fib level but the momentum fizzled out short of $8.4.

While there was a correction during the Asian trading hours on Friday, ETC/USD found bearing at $7.63 giving way for further correction that cleared the trendline resistance. At press time, Ethereum Classic is trading at $8.0 with the bulls fighting to hold on to the gains.

Technical analysis suggests the bulls are losing momentum especially with the Relative Strength Index (RSI) retreating before touching the oversold levels. The Moving Average Divergence Convergence cross into the positive region could market the beginning of correction towards the supply zone at $8.6.

ETC/USD 1-h 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

Bitcoin Price Forecast: BTC/USD faces strong resistance at $11,550

BTC/USD bears eked out an advantage this Tuesday, following a bullish Monday. The price has gone down from $11,235.08 to $11,209 over the day. The daily confluence detector has one strong resistance and support level at $11,550 ...

More Bitcoin News

Ripple Technical Analysis: XRP/USD suffers a mild dip below $0.30

XRP has been a lagger but finally got a breakout of its own and it’s now way above any daily EMA’s. The 12-EMA is currently located at $0.261 while the 26-EMA is at $0.235, both EMAs should serve ...

More Ripple News

ETC/USD faces stiff resistance at $7.35

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. 

More Ethereum Classic News

ADA/USD bulls remain in control as price goes up

Cardano successfully launched the Shelley hard fork a few days back and it currently has >620 active stake pools. These pools have a total of 2.74 billion ADA committed to staking. According to ...

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

BTC

ETH

XRP