Ethereum Classic price analysis: Will technical internals come to the rescue of bulls?

RSI nearing oversold levels.
Price just at the trendine support.

Manoj B Rawal Independent Analyst

Ethereum Classic is falling like nine-pins for the day but seems to be getting some support from technical internals - RSI nearing overold levels, MACD crossover on the lower side and price just bouncing off the trendline - enough for the ETC bears to take rest for now.

ETC/USD is down nearly 10 percent at $22.87 and bouncing off quickly from the lows of the day, $22.33, which is exactly where the ascending trendline support on the hourly charts is placed for the crypto, if broken, next support lies all the way down at $21.618.

Key resistance now stands at round figure mark of $24 - 21SMA on the hourly chart. Worth noting here is the fact that despite the formation of "death cross" on the daily chart, price of ETC/USD has been able to bounce back up nicely in last few weeks.

ETC/USD hourly chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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