Ethereum Classic price update: ETC/USD eyes $5 after defending $4.20 support


  • Ethereum Classic bulls refuse to stay in slumberland; ETC gains 1.26%  on Tuesday.
  • ETC/USD is trading below the 50 SMA, the 100 SMA and is grinding towards the descending channel resistance.

Ethereum Classic is among the few bullish digital assets on the market on Tuesday. The American session on Monday was characterized by overwhelming selling pressure not just for ETC but also for the rest of the coins. ETC/USD extended the bearish leg within a falling channel. The price explored lows under $4.4 before finding short term support at $4.2.

In the meantime, the recovery movement taking advantage of the short-term support at $4.2 boosted ETC above $4.4. The price is teetering at $4.442 and staring into the resistance at the 38.2% Fib level taken between the last swing high of $5.36 and a swing low of $4.02.

The descending channel has been tested severally on both sides but is yet to give in. Therefore, more resistance is expected at the channel resistance in addition to the 50 SMA on the 4-hour chart and the 100 SMA hurdles. The gap between the moving averages is expanding as a signal for existing selling influence.

The RSI in the same 4-hour range is attempting to resurface above the oversold region. The successful motion towards $50 and 70 respectively will place ETC on a trajectory to $5.

ETC/USD 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bears take over and draw a bloody moon

Cryptographer and computer scientist Nick Szabo, has presented in his Twitter account a study on the "risk-benefit" ratio of different assets. The study used a Sharpe Ratio over four years Hodl period.

More Bitcoin News

ETH/USD bears flip the bulls, target shifts to $5

Ethereum Classic is facing the ultimate correction following a massive bull-run that had it hit January highs around $12 from December lows at $3.41. The persuasive urge upwards has, however, ended in losses due to a lack of ...

More Ethereum Classic News

Ripple's CEO sees an era of IPO in cryptocurrency industry

Ripple's XRP, the third-largest digital asset with the current market value of $9.4 billion has lost over 5% in recent 24 hours and hit the low of $0.2136 on Friday. XRP/USD is moving within a clear bearish trend amid expanding volatility.

More Ripple News

The Crypto Sector in selloff mode searches a support zone

Most of the cryptocurrency sector accelerated the losses after breaking the neckline of support that was holding their prices. The selling pressure was in almost all digital assets.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast

BTC

ETH

XRP