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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP