- ETC price remains trapped between two key averages on the 12H chart.
- Bearish crossover, as well as RSI, remain in favor of the ETC bears.
- Acceptance above 80.00 could negate the near-term bearish tone.
Following Wednesday’s collapse to three-week lows of $40.71, Ethereum Classic’s recovery lacks follow-through, as the price remains in a phase of bearish consolidation for the fourth straight day this Sunday.
ETC/USD rallied to all-time highs of $164.72 earlier this month, catching up with the broad crypto market advance, as the top 10 widely traded digital assets witnessed parabolic rise before the latest brutal market crash.
The ETC price is attempting a tepid bounce, having turned green for the first time in three days, at the time of writing.
Ethereum Classic Price defends key support but for how long?
As observed on Ethereum Classic’s 12-hour chart, the price is moving back and forth in a narrow range around the $60 mark so far this Sunday.
The ETC price has managed to defend the upward-sloping 100-simple moving average (SMA) at $53.05 following a recovery from the flash crash.
Meanwhile, the bullish attempts continue to find sellers below the confluence of the 21 and 50-SMAs at $80.0. A breakout in either direction is needed to determine the next course for the ETC traders.
However, with the bear cross spotted on the given time frame and the Relative Strength Index (RSI) still ranging in the bearish region, the downside appears more compelling for Ethereum Classic.
On Saturday, the 21-SMA cut the 50-SMA from above, charting a bearish crossover, which signals a potential move lower.
Therefore, the ETC bears need a 12-hourly candlestick close below the 100-SMA, in order to confirm a downside break, opening floors for a test of the swing lows of $40.71.
The next powerful cushion for the bulls is seen at the 200-SMA at $32.85. The three-week-old descending trendline support at $25.75 could likely be the line in the sand for the optimists.
ETC/USD: 12-hour chart
On the flip side, the ETC price must scale the abovementioned strong resistance at $80.0 on a sustained basis.
The recovery momentum could then gain traction towards the weekly highs of $93.64.
The psychological $100 mark is expected to challenge the bullish commitments going forward.
ETC/USD: Additional levels to watch
|Today last price||58.2412|
|Today Daily Change||0.1871|
|Today Daily Change %||0.32|
|Today daily open||58.0541|
|Previous Daily High||63.8916|
|Previous Daily Low||53.7887|
|Previous Weekly High||101.1327|
|Previous Weekly Low||40.716|
|Previous Monthly High||47.1387|
|Previous Monthly Low||13.3169|
|Daily Fibonacci 38.2%||57.648|
|Daily Fibonacci 61.8%||60.0323|
|Daily Pivot Point S1||53.2647|
|Daily Pivot Point S2||48.4752|
|Daily Pivot Point S3||43.1617|
|Daily Pivot Point R1||63.3676|
|Daily Pivot Point R2||68.6811|
|Daily Pivot Point R3||73.4705|
Sellers hold the aces in Ethereum Classic’s market, but it might not be game over
There hasn’t been much interest from retail traders in Ethereum Classic’s market. As a result, low volatility has kept the price restricted within the channel of $53.8 and $60.6 over the past week and a half. However, ETC has been taking shape within a symmetrical triangle. It presented chances of an incoming price swing.
Considering the current market dynamics, sellers can be expected to tip the scales in their favor, but a bullish argument also seems justifiable. At the time of writing, ETC was valued at $57.7, down by a marginal 0.5% over the last 24 hours.
Ethereum Classic 4-hour Chart
If the price does break below the lower trendline, a 13% decline would be possible towards the $48-mark. A close under $53.5 would confirm such an outcome.
On the other hand, a few of ETC’s indicators seemed to disagree with such a prediction. If the triangle functions as a reversal pattern, ETC would eye a 7% hike to 8 August’s swing high of $63.4. A close above $59 on relatively stronger volumes would heighten the chances of a bullish prediction.
A look at ETC’s On Balance Volume painted a rather concerning picture. Based on its recent trajectory, there has been a dearth of buying pressure in the market, with sellers maintaining an advantage. However, a few other indicators seemed to disagree.
Higher lows were observed on the RSI after it recovered from an overbought reading 10 days ago. The index even managed to climb above 60 recently – A sign that the market was strengthening.
Such a trajectory was also seen on the MACD. The index climbed towards the half-line, although momentum was flat over the past few sessions.
As ETC oscillated within a symmetrical triangle, its indicators flashed mixed signals and a breakout in either direction can be expected at this point. Although chances of a downwards move seemed higher, a bullish outcome cannot be discounted.
Traders should keep an eye on the aforementioned levels to get a better understanding of where ETC is heading.
Ethereum Classic Price Setup Looking Bearish, As Dragged Below Major DMA lines.
- Ethereum classic price fails to hold its major DMA lines of 20, 50, and 100-Day while still maintaining its 200-DMA line.
- The crypto asset over the monthly chart is trading on a bearish note, with no sign of significant recovery or reversal.
- The pair of ETC/BTC is trading on a slightly bearish note at 0.001235 BTC with an intraday loss of -2.45%, and the ratio of ETC/ETH is CMP at 0.001235 BTC with an intraday change of -1.67%.
Ethereum classic price is struggling near its 50 and 100-day moving average line after a massive selloff from the higher side. The crypto asset at the monthly chart fails to hold its major DMA lines of 20, 50 and 100-Day lines, with a near-average volume line. Whereas the coin slipped below major DMA makes its short term trend bearish but still maintaining above 200-DAM lines.
If the coin manages to hold its 50 and 100-DMA lines with positive volume action, we can soon see a good recovery. Support on the lower side is $52.30 and $47.90, whereas resistance on the higher side is $61.20 and $69.90.
Ethereum classic price at the weekly chart is sideways
Ethereum classic price at the weekly chart is sideways, whereas the technical parameters also project mixed signals. The coin is continuously taking support of the lower support zone, and if the coin manages to hold, we can witness intense buying action. The technical parameters are also favouring sideways motion at the 4-hour time frame with average volume action. Presently, the Ethereum Classic is trading at $57.02 with a flat intraday action of -6.02%, and the volume to market cap ratio is at 0.162
Relative Strength Index (NEUTRAL): Etherum classic price RSI presently indicates a sideways trend after consolidation over the weekly chart. In contrast, the RSI trades at the neutral zone near the oversold area and now CMP at 36.
Moving Average Convergence Divergence (MIXED): The daily chart indicates a mixed trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) and the seller’s line (red) overlaps.
Support levels: $52.30 and $47.90
Resistance levels:$61.20 and $69.90.
Ethereum Classic, Solana, Binance Coin Price Analysis: 05 September
As Bitcoin and Ethereum have consistently remained choppy over the past few days, mixed trading patterns were spotted on certain altcoin movements. A wide number of altcoins were in price consolidation.
Ethereum Classic was trading close to the support level of $67.36,while Binance Coin’s resistance stood at $517.20. Solana, over the last 24 hours, lost momentum and fell by 4.7%.
Ethereum Classic (ETC)
Ethereum Classic was in a state of consolidation over the past day. It was trading at $68.60 after noting a decline of 0.6%. At the current level ETC stands notches below its weekly high. The immediate support lay at $67.36 and continued downward movement would drag ETC to $58.09, which is the lowest that Ethereum has traded in about a month.
Technical charts indicated bearishness in the market. MACD noticed red bars on its histogram, after a bearish crossover. Chaikin Money Flow stood below the half-line for the first time this month, indicating a considerable drop in capital inflows.
Awesome Oscillator flashed red signal bars affirming the same. In the event of Ethereum Classic breaking consolidation on the upside, it might revisit $75.04.
In latest news, Ethereum Classic was afflicted by the Geth exploit due to which Ethereum too had suffered a week ago.
Solana declined by 4.7% on its chart over the last 24 hours and was priced at $139.30. The altcoin which secured a fresh all-time high yesterday was seen moving closer to the support line of $125.95. A dip below $125.95 could cause SOL to trade at $99.92, a level the altcoin last touched a week back.
MACD displayed red bars on its histograms. Awesome Oscillator also noted red signal bars indicating a bearish price move in the market.
Relative Strength Index, however, still remained bullish at 60. An upturn in prices could propel SOL to retest its immediate resistance of $144.54 and then $158.40.
As Solana secured a fresh all-time high yesterday, it surpassed Dogecoin’s market capitalization, and stood at the number 7 position on CoinGecko.
Binance Coin (BNB)
Binance Coin also recorded a range-bound price movement and rose minorly on its chart. The altcoin was trading at $491.99. Its overhead resistance lay at $517.20. Bollinger Bands remained constricted indicating consolidated price action. The anticipated price range for BNB would be $491.99 and $460.42.
Green bars on the MACD histogram receded over the past trading sessions. Relative Strength was also nearing the half-line, although, at the time of writing it stood above the 50-mark.
In the event of Binance Coin dipping, its first support level stood at $460.42, which also marks its two-week low price. Failing to sustain over the aforementioned price floor, BNB could aim for $433.54.