ETC Price Analysis – August 17
Ethereum Classic price has been behaving astoundingly different. The coin is speculated to launch the upsurge of the market.
Resistance levels: $6.5, $7.0, $7.5
Support levels: $4.5, $4.0, $3.5
Looking at the price chart, we can see that the volume of transactions is decreasing further. If the ETC/USD pair continues to remain under the control of Bear Radar, the price may return to previous supports at $4.5, $4.0 and $3.5 levels. It is important to note that the ETC market remains on a short-term downtrend.
In addition, a bullish control could bring the price back to critical resistance at $6.5. If buyers can overcome this level, resistances of $7.0 and $7.5 may come into play in the long run. A surge of volatility is looming around the corner. The stochastic RSI is revealed to oversold, suggesting a further drop in prices in the market.
Against Bitcoin, Ethereum Classic is displaying a declining market over the past weeks as the price action continues to respect the descending trend line. Now, ETC appeared non-volatile as price moves side-way, signaling a possible surge in the market. While price remains indecisive, the ETC trading is likely to go down to the 450 SAT, 400 SAT and 350 SAT supports if the bears turn up.
However, a bullish regroup may bring a decisive move with a potential break above the 21-day moving average. If such a scenario occurs, the price is likely to go as high as 600 SAT, 650 SAT, and 700. On the long-term outlook, ETC remains in a bearish control as a rebound is possible if the 450 SAT can act strong. Meanwhile, the coin is reflected neutral on the short-term. Stochastic RSI is heading up at the overbought zone, showing a buy pressure in the market which is yet to play out in the chart.
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