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.
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
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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
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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.
