ETC Price Analysis – April 10
Ethereum Classic (ETC) has recorded a downtrend of 11.26%, in the last 24 hours; the coin has declined from $6.0 to $5.0.
Resistance levels: $7.0, $9.0, $10.0
Support levels: $4.0, $3.0, $2.0
Ethereum Classic bulls were rejected around $6.04 level and as the coin dropped to $5.06 in the early hours of today. The price is floating within the channel formation and has crossed below the 9-day moving average. The RSI (14) indicates increasing bearish momentum as the signal line move below 48-level, indicating that the market sentiment is presently bearish.
Currently, the coin is changing hands at $5.42 where it faces down. More so, if the price of ETC rises again and breaks the $6.0 resistance level, the coin may begin its upward movement to retest the previous high. The nearest resistance levels to reach are $7.0, $8.0 and $9.0 while the support levels to watch are $4.0, $3.0 and $2.0 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 700 SAT and then locate further key support at 600 SAT and 500 SAT levels if the sell-off later becomes huge.
However, on the upside, if the bulls can gather enough momentum to push the price back above the moving averages; Ethereum Classic could face the 850 SAT. Any other resistance lies at 890 SAT and above while the signal line of RSI (14) nosedives below 45-level and if it moves below this level, it may bring more bearish pressure into the market.
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