Ethereum Classic price indecisive as ETC remains trapped between two key averages


  • ETC price remains trapped between two key averages on the 12H chart.
  • Multiple resistance levels cap the upside amid neutral RSI.
  • Bullish 50-SMA is the level to beat for the ETC buyers.

Ethereum Classic is fluctuating between gains and losses, lacking a clear directional for the second consecutive day this Sunday.

ETC/USD has entered a phase of consolidation following Friday’s impressive rebound from two-week troughs at $58.69. Saturday’s Doji candlestick seems to have watered down expectations of a continued recovery in ETC price.

However, a fresh bid wave seen across the crypto board over the last hours could help limit Ethereum’s downside.

Ethereum Classic price at coin flip levels

As observed on Ethereum Classic’s 12-hour chart, the price is wavering in a tight range around the $64 mark, at the time of writing.

The upward-sloping 50-simple moving average (SMA) at $62.87 is guarding the downside over the past 36 hours while the ETC bulls continue to face stiff resistance at the falling trendline resistance at $65.81.

A range breakout is waited for a sustained move in either direction. However, with the Relative Strength Index (RSI) flatlined at 50.00, investors are lacking a clear sense of direction.

That said, ETC price faces two healthy resistance levels in the horizontal 21-DMA at $65.20 and the abovementioned descending trendline.

Therefore, the path of least resistance appears to the downside for ETC traders.  

Acceptance above the trendline hurdle could pave the way towards the $70 mark.

ETC/USD: 12-hour chart

On the flip side, a 12-hourly candlestick closing below the ETC price could accentuate the bearish pressures, calling for a test of the two-week lows.  

The 200-DMA at $55.59 will challenge the bullish commitments should the sellers take over complete control.

 

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