- Ethereum classic price witness a sharp dip over the monthly chart, whereas the crypto asset, is trying to rebound after testing its 200-DMA line
- The crypto asset falls below all major moving averages while holding its 200-DMA line acts as a support line.
- The pair of ETC/BTC is trading on a bearish note at 0.001271 BTC with an intraday loss of -10.51%, and the ratio of ETC/ETH is CMP at 0.01693 ETH with an intraday drop of -9.48%.
Ethereum classic price over the monthly chart witnessed substantial profit-taking, whereas the coin slipped on all major DMA lines. The crypto asset gave an impulsive correction, after a good rally, in the past few trading sessions. The coin fails to hold its vital moving averages of 20, 50, and 100-DMA lines but manages to defend its 200-DMA support line. It has been seen since the past few weeks the coin contains to hold its 200-DMA line many times and also rebounds strongly.
This time if ETC manages to sustain above 200-DMA line with supportive volume action, we can soon see a pullback. The long-term trend favors bulls, as the token manages to hold its 20-DMA support line. Support on the downside is $46.35 and $36.40, whereas resistance on the higher side is $80.00 and $89.90.
Ethereum classic price at the weekly chart has given a breakdown, with a huge bearish candle. Whereas the technical parameters reach the oversold zone, and the short-term chart can witness some recovery. Presently, the Ethereum classic is trading at $59.06 with a significant intraday loss of -19.70%, and the volume to market cap ratio is at 0.9737.
Relative Strength Index (OVERSOLD): Ethereum classic price RSI presently indicates a bearish trend over the weekly chart. In contrast, after testing the oversold zone, the RSI is under the oversold zone and now CMP at 28.
Moving Average Convergence Divergence (BEARISH) indicates a bearish momentum on the daily chart after an impulsive negative crossover. The seller’s line (orange) is overpowering the buyer’s signal line (blue) with no sign of recovery.
Support levels: $46.35 and $36.40
Resistance levels: $80.00 and $89.90.