ETC Price Analysis – March 31
ETC/USD suffers under the influence of the bears as the path of least resistance remains in sideways movement.
Resistance levels: $6.0, $7.0, $8.0
Support levels: $4.0, $3.0, $2.0
The daily chart reveals that the trading volume is decreasing further. If ETC/USD pair continues to remain under the control of Bear Radar, the price may return to the critical supports at $4.0, $3.0 and $2.0 levels. It is important to note that ETC/USD market remains in sideways movement trading around the 9-day and 21-day moving averages and waiting to break or rebound.
In other words, a bullish control could bring the price back to potential resistance at $6.0. If buyers can overcome this level, resistances of $7.0 and $8.0 may come into play in the long run. A surge of volatility may likely come to play as the technical indicator RSI (14) moves in the same direction around 40-level, which indicates that the market is indecisive at the moment.
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 670 SAT and beyond 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 and 21-day moving averages. If such a scenario occurs, the price may likely go as high as 870 SAT and above. On the long-term outlook, ETC remains in a bearish control as a rebound is possible if the 780 SAT can act strong. Meanwhile, the RSI (14) is about to cross below 40-level, showing a selling pressure in the market.
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