ETC Price Analysis – March 10
Ethereum Classic (ETC) has recorded a downtrend of 1.11%, in the last 24 hours; the coin has declined from $7.04 to $6.59.
Resistance levels: $9.0, $10.0, $11.0
Support levels: $5.2, $4.2, $3.2
Ethereum Classic bulls were rejected around $7.04 level and as the coin dropped to $6.59 in the early hours of today. The price is floating in a downward channel formation and below the 9-day and 21-day moving averages. The stochastic RSI indicates increasing bearish momentum as the signal lines move below 20-level next to the oversold zone, indicating that the market sentiment is presently bearish.
Currently, the coin is changing hands at $6.86 where it faces down. More so, if the price of ETC rises again and breaks the $7.5 resistance level, the coin may begin its upward movement to retest the previous high. The nearest resistance levels to reach are $9.0, $10.0 and $11.0 while the support levels to watch are $5.2, $4.2 and $3.2 respectively giving a low trading volume.
Against Bitcoin, ETC price has been dropping and trading under the 9-day and 21-day moving averages as the coin continued the bearish run at the moment. The next level of support may surface at 800 SAT and then locate further key support at 700 SAT and 600 SAT levels if the sell-off later becomes huge.
However, on the upside, if the bulls can gather enough momentum to push the price above the moving averages, Ethereum Classic could face the 950 SAT resistance. Any further resistance lies at 1000 SAT and above while the signal lines of MACD moves tremendously within the negative side and if the indicator remains in this zone, it may bring more bearish pressure into the market.
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