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Ethereum Classic Technical Analysis: ETC/USD bulls and bears wrestle for control in the short-term

ETC/USD daily chart has had three straight bullish seasons.
The buyers failed to gather enough steam to cross the $6.50-level.

Rajarshi Mitra Independent Analyst

ETC/USD hourly chart

The hourly ETC/USD chart shows us that the price encountered massive resistance at $6.46 after losing momentum near the $6.50 level. Since then, ETC/USD has progressively dropped down. The hourly price has fallen below the triangle formation and is currently facing resistance at the downward trending line.

ETC/USD daily chart

While ETC/USD buyers and sellers are playing a game of tag in the hourly chart, the daily chart belongs solely to the bulls. After encountering support at the $6.04-level, the price has managed three straight bullish sessions. ETC/USD has gone up from $6.375 to $6.44 this Thursday and is trending in an upward channel formation. The price has strong resistance at $6.505 and $6.64. On the downside, we have healthy support at $6.26 and $6.1275.

Key Levels

ETC/USD

Overview
Today last price	6.4509
Today Daily Change	0.0820
Today Daily Change %	1.29
Today daily open	6.3689

Trends
Daily SMA20	6.1848
Daily SMA50	6.2672
Daily SMA100	6.3323
Daily SMA200	6.994

Levels
Previous Daily High	6.404
Previous Daily Low	6.1079
Previous Weekly High	6.5666
Previous Weekly Low	5.9102
Previous Monthly High	7.3282
Previous Monthly Low	5.4387
Daily Fibonacci 38.2%	6.2909
Daily Fibonacci 61.8%	6.221
Daily Pivot Point S1	6.1832
Daily Pivot Point S2	5.9975
Daily Pivot Point S3	5.887
Daily Pivot Point R1	6.4793
Daily Pivot Point R2	6.5897
Daily Pivot Point R3	6.7754

Since you are here, do check out our cryptocurrency market news report to get a quick overview of which coins are hot and which are not.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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