ETC Price Analysis – May 23
Ethereum couldn’t climb $7.0 as there is no sign of improvement in the coin as traders may close the day with a loss.
Resistance levels: $7.5, $8.0, $8.5
Support levels: $5.5, $5.0, $4.5
ETC/USD price is now trading close to $6.5 as it hovers around $6.4 resistance level at the time of writing. The Ethereum Classic (ETC) may continue to move upwards if the price crosses the 9-day and 21-day moving averages within the channel. Meanwhile, Ethereum Classic may start moving in a downtrend as the price could cross below the lower boundary channel at $5.8
However, as the ETC price remains below the moving averages, the coin may likely follow a sideways movement. In other words, as the technical indicator RSI (14) is about to decide the next direction of the coin, once it faces down, there is a higher chance that the coin may likely find supports at $5.5, $5.0 and $4.5 but upside to remain capped at $7.5, $8.0 and $8.5 resistance levels.
Against Bitcoin, the recent price decline places the ETC in a downward trend after witnessing a bullish rally yesterday, indicating a reversal. However, the price action is now trading within the 9-day and 21-day moving averages. Looking at a long-term bear market, the 600 SAT, 550 SAT and 500 SAT could provide support levels.
However, as the technical indicator stochastic RSI moves into the overbought zone, any further movement above the moving averages could push the market price into the positive and if the support level of 700 SAT can act as a solid line of defense against any further downtrend; the resistance levels of 800 SAT, 850 SAT and 900 SAT may come to play.
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