Ethereum Classic (ETC) Price Analysis – June 5
A bullish channel pattern has been shading price action for the past three weeks at the cryptocurrency continues to respect the channel formation. If a channel break occurs, we can expect a new wave for the market; maintaining a bullish continuation pattern or a bearish reversal pattern. Whichever way, Ethereum Classic is bearish on a short-term. The medium-term remains bullish.
Resistance levels: $9, $10
Support levels: $7, $5.5
Today, Ethereum Classic retested the lower channel following the huge sell-off which currently falls at the $7.7. The bears have met a solid level as it may lead to bounce or break. Meanwhile, the MACD has actually fallen to the bearish zone after a three weeks positive move.
More so, the medium-term RSI is now trending close to the oversold territory; following yesterday’s bearish surge which has significantly pull trade to the lower channel. If the ETC/USD pair breaks, we can expect immediate support at $7 and $5.5.
On the other hand, a bounce could regroup buyers for a key level around $9 and $10. Considering the current market condition, the token is obeying the trend line at the moment.
For over two days now, the ETC market has witnessed a significant price drop with a strong price rejection at the 0.00115BTC, pulling the token to a current trading price around 0.00104BTC level. On a gradual decline, the sellers are approaching close support around the 0.00095BTC.
On the upside, Ethereum Classic faces the 0.0011BTC resistance. Above the resistance lies the major 0.00115BTC resistance. The cryptocurrency has encountered strong support at the zero level of the MACD indicator. If the signal travels below the zero level, we can expect bearish pressure below the channel.
The RSI, however, has already crossed under the 50 level as it currently trends in a side-way, showing an indecisive direction.
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