ETC Price Analysis – August 29
At the time of writing this, Ethereum Classic has recorded a downtrend of 1.85%. Since the beginning of this month; ETC/USD has declined from $8.3 to its current value at $6.8.
Resistance levels: $7.5, $8.5, $9.5
Support levels: $8.3, $7.3, $6.3
A few days ago, after touching the resistance level of $7.5, Ethereum Classic retested the $6.64 support. ETC/USD has managed to stand ground in the on-going bearish trend in the crypto market. More so, the past one-week price trend has seen the coin moving in a flattish range within the baseline price of $6.7 – $7.3.
What Is the Next Direction for Ethereum Classic (ETC)
However, if the Ethereum Classic breaks below the moving averages, traders may expect immediate support at $6.3, $5.3, and $4.30 levels. On the other hand, a bounce-back could regroup buyers for the key resistance levels around $7.5, $8.5, and $9.5. Considering the current market condition, the token is obeying the trend line at the moment as the RSI moves around 52-level.
ETC/BTC Market: Consolidating to the Downside
Comparing with Bitcoin, ETC price has been dropping and could cross below the 9-day and 21-day MA as the coin continued the bearish run at the moment. The next support level may surface at 580 SAT and then locate further key support at 560 SAT and 540 SAT levels if the sell-off later becomes huge.
However, on the upside, if the bulls gather enough momentum, Ethereum Classic could face the resistance level of 620 SAT. Above the mentioned resistance lies the major 640 SAT and above. The RSI (14) indicator nosedives below 55-level and if the indicator slides below this level, traders may expect more bearish pressure below the moving averages.