ETC Price Analysis – February 19
Ethereum Classic suffers under the influence of the bears as the path of least resistance remains downward.
Resistance levels: $12.0, $13.0, $14.0
Support levels: $7.0, $6.0, $5.0
The daily chart reveals that the trading volume 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 $7.0, $6.0 and $5.0 levels. It is important to note that ETC/USD market remains on a short-term downtrend trading under the 9-day and 21-day moving averages.
In other words, a bullish control could bring the price back to potential resistance at $12.0. If buyers can overcome this level, resistances of $13.0 and $14.0 may come into play in the long run. A surge of volatility may likely come to play as the technical indicator RSI (14) moves below 45-level, suggesting a further drop in prices within 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/BTC appeared non-volatile as price moves below the 9-day and 21-day moving averages, signaling a possible surge in the market. As it is now, the ETC trading is likely to go down to the 750 SAT, 700 SAT and 650 SAT supports if the bulls failed to hold the current support.
However, a bullish regroup may bring a decisive move with a potential break above the 9-day moving average. If such a scenario occurs, the price may likely go as high as 1200 SAT, 1250 SAT, and 1300. On the long-term outlook, ETC remains in a bearish control as a rebound is possible if the 960 SAT can act strong. Meanwhile, the RSI (14) has crossed below 40-level, showing a selling pressure in the market.
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