- Ethereum Classic pressured towards the 23.6% Fibonacci initial support level.
- ETC/USD could settle for consolidation as highlighted by the RSI.
Ethereum Classic has been on a downward roll since last week. An impressive bullish action from August 25 saw ETC/USD scale some key levels including $6.8, $7, and $7.4. Unfortunately, ETC lost steam at $7.5 abandoning the bullish case that eyed $10. The downtrend commenced at $7.5 and has continued uninterrupted. ETC/USD hit new support highlighted by the 23.6% Fibonacci retracement level taken between the last swing high at $7.5 to a swing low at $6.45.
Ethereum Classic upside was also limited by a descending channel until ETC/USD soared above it during the Asian session on Tuesday. Another seller congestion at both the 50 SMA and the 100 SMA in the 1-hour range put a stop the bullish action.
At the time of writing, ETC is exchanging hands at $6.70 after adding 1.38% to its value on the day. The former resistance at $6.8 is back with ETC trading an intraday high of $6.79. The prevailing trend is likely to support consolidation as reflected by the RSI and the MACD.
In spite of the failure to break above $6.8, Ethereum Classic is inclined to the bullish side, especially with the MACD almost crossing into the positive region. Initial support is highlighted at the 23.6% Fibonacci level. Other lower support levels include $6.6 and $6.4 respectively.
ETC/USD price chart
 (12)-637345488479354978.png)
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