Ethereum Classic Price Analysis: ETC/USD may retest $7.00

Ethereum Classic retreated from Monday’s recovery high of $6.9 to trade at $6.72 at the time of writing. The coin has barely changed since this time on Monday and lost about 1.5% of its value since the beginning of Tuesday amid slow momentum on the cryptocurrency market. Ethereum Classic takes 19th place in the global cryptocurrency market with a total capitalization of $782 billion and an average daily trading volume $1.44 billion. 

ETC/USD: Technical picture

From the short-term point of view, ETC/USD recovery is limited by the psychological 7.00 level This pivotal resistance served as an important barrier during the previous week’s consolidation pattern. Once it is out of the way, the upside is likely to gain traction with the next focus on $7.60, which is the recent recovery high and the highest level since May 5.  

On the downside, the price is supported by 4-hour SMA50 below $6.60. If it is broken, the sell-off will continue towards the next support created by a combination of 4-hour SMA100 and the lower line of the 4-hour Bollinger Band on approach to $6.40. This barrier separates ETC from an extended sell-off towards psychological $6.00, closely followed by the recent consolidation channel.

The RSI on the intraday charts attempts the upside reversal, which means ETC is likely to retest the upper limit of the channel.

ETC/USD 4-hour chart