- Ethereum classic price is trying to hold 50-DMA support line after facing intraday correction of -10%
- The coin is showcasing strength as it holds the vital moving averages of 100 and 200-DMA; However, also fails to suppress 20-SMA
- The pair of ETC/BTC is trading with an intraday loss of -3.42% standing at 0.001735 BTC; whereas, ETC/ETH is also facing selling pressure and dropped by -2.65% CMP at 0.02414 ETH
Ethereum classic over the monthly chart is looking strong as it falls lesser as compared to other crypto assets. The coin is presently holding all vital moving averages of 100 and 200-day; however, now struggling near the 50-DMA levels. Moreover, on the higher side, the short-term moving average (SMA) of 20-day is acting as the barrier for the digital asset. The closing of day candles above the 20-SMA ($74) with supportive volume will increase the strength of Bulls.
Volume over the monthly time horizon is still below the average line which is less and needs to improve sharply. ETC can experience a good pullback till $95 and $120 if Bulls manage to sustain the coin above the 20-SMA line. Support on the lower side is at $56 and $40; on the other hand, resistance is situated at $90 and $100.
Ethereum Classic highlight Breakdown of Sideways Pattern
The weekly chart of Ethereum classic is highlighting the breakdown from the sideways channel pattern but the selling volume is missing. Moreover, the coin after facing a significant downtrend is now broken out from the pattern. The technical parameters are now indicating any clear trend on the weekly chart. At the time of press Ethereum classic CMP at $64.95 levels with intraday loss of -6.67% according to coinmarketcap.com.
Relative Strength Index (NEUTRAL): Ethereum classic RSI is presently projecting a flat trend over the weekly chart after correcting from the higher levels. While trading at 41 levels.
Moving Average Convergence Divergence (MIXED): Currently projecting a flat trend on a daily chart. As the buyer’s signal line (green) and the seller’s line (red) are overlapping each other with negative bars over the histogram.
Support levels: $56 and $40
Resistance levels: $90 and $100.