Ethereum Price Analysis: Ethereum Classic is in a Bullish zone after reclaiming support at $7.0
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A sideways trend is observed in both the Relative Strength Index and Moving Average Convergence Divergence.
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The 50 Simple Moving Average (SMA) 4-hour double-cross below SMA 100 4-hour at $6.55.
Ethereum Classic price is having variations due to the bears fighting to regain control of a market that is largely controlled by the bulls. The price of ETC is back in a bullish zone after reclaiming support at $7.0. Meanwhile, the chart shows the beginning of a consolidation phase.
ETC Key Technical Levels
Market price: $7.0178
Relative change: -0.036
Open: $7.0663
High: $7.0816
Low: $6.9576
Rank: 16
ETC/USD four-hour chart
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The 50 Simple Moving Average (SMA) 4-hour double-cross below SMA 100 4-hour at $6.55 and signals a possible reversal. The Relative Strength Index (RSI) is relatively horizontal meaning that ETC could extend the sideways trading between $6.75 and $7.00 in the coming sessions. The same sideways trend is observed with the Moving Average Convergence Divergence (MACD).
Despite the above technical levels, Ethereum Classic is trending higher, although the upside is capped at $7.25 resistance zone. As long as ETC/USD stays above the trendline, we are likely to see continued bullish action above $7.0 support level. However, in the event a reversal breaches this support, the next viable support area is $6.75 followed by $6.25 and $ $5.75 (August 29 support).
Author
FXStreet Team
FXStreet
