Ethereum Classic price analysis: ETC/USD on course of having three straight bearish days


  • ETC/USD went down from $6.63 to $6.58 this Tuesday.
  • The price met resistance on the downward trending line and the 20-day simple moving average (SMA 200) curve.

Ethereum Classic is on course of having three straight bearish days. This Tuesday, the price has gone down from $6.63 to $6.58. Over the last three days, ETC/USD has gone down from $6.72 to $6.58. The hourly breakdown shows that the price has gone up to $6.68, met resistance and went down to $6.58. The downward trending line and the 20-day simple moving average (SMA 200) curve acts as immediate resistance.

ETC/USD daily chart

fxsoriginal

The market is trending above the SMA 20 and SMA 50 curves. The narrowing of the 20-day Bollinger band indicates decreasing market volatility. The moving average convergence/divergence (MACD) shows two straight bearish sessions. The Elliott oscillator shows four consecutive bearish sessions.
 

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