Ethereum Classic Price Analysis: ETC/USD regains ground above $7.00

ETC/USD partially recovered from the recent collapse.
The strong resistance is created on approach to $7.50.

Tanya Abrosimova Independent Analyst

Ethereum Classic (ETC) dropped to $6.49 on Sunday, August 2, amid the global sell-off on the cryptocurrency market. However, the coin managed to regain the ground above $7.00. At the time of writing, ETC/USD is changing hands at $7.25. Despite the recovery, the coin is still down nearly 6% on a day-to-day basis. Ethereum Classic slipped to the 22d place in the global cryptocurrency market rating with the current market value of $846 million and an average daily trading volume of $1.13 billion.

ETC/USD: Technical picture

On the intraday charts, ETC/USD is moving within the narrow horizontal range. The short-term recovery is limited by the upper line of the 30-min Bollinger Band at $7.3 and 30-min SMA200 at $7.38. One this barrier is out of the way, the upside momentum may be extended with the next focus on $7.50 reinforced by 30-min SMA100 and the middle line of the 4-hour Bollinger Band.

ETC/USD 30-min chart

On the downside, the local recovery is created by 30-min SMA50 at $7.20. If it is broken, psychological $7.00 will come into focus. This psychological barrier is reinforced by 200-daily SMA. If it is broken, the sell-off may gain traction with the next focus on 100-day SMA at $6.50 followed by the above-mentioned Sunday's low of $6.49.