Ethereum Classic Price Analysis: ETC/USD plummets towards $7.00 in matter of minutes

Ethereum price has been in consolidation within a narrow range since the beginning of August. Prior to the sideways trading, ETC/USD broke out in tremendous gains in tandem with the generally bullish market in the last two weeks of July. The cryptoasset stepped above several key resistance levels including $8.00.  This saw ETC exchange hands at levels last seen in March before the Coronavirus-driven market crash.

The sharp declines that followed the spike to $8.318 sort refuge at $6.50 after several key levels failed to hold water including the 50 SMA and $7.00 support. Intriguingly, a reversal saw ETC/USD take back the support at $7.00. Unfortunately, gains have remained limited under $7.50.

Ethereum Classic is trading at $7.138 amid losses from the 50 SMA resistance in the 4-hour range. The drop has been consistent in the Asian session. The RSI puts emphasis on the declines as it trends lower below the average.

Support at $7.00 is likely to hold in spite of the strong arm of the bears. Sideways trading could also take precedence based on the horizontal trend seen with the MACD.

In order to come out of the resistance range under $7.50, ETC/USD must pull toward $8.00 and focus on taking down higher hurdles at $10.00. If push comes to shove and $7.00 support gets shuttered, expect more support at the 100 SMA ($6.50) and the primary support at $6.00.

ETC/USD price chart