ETC Price Analysis – September 10
Ethereum Classic suffers under the influence of the bears as the path of least resistance remains downward.
Resistance levels: $6.2, $6.4, $6.60
Supportlevels: $5.2, $5.0, $4.8
The daily chart reveals that the trading volume is decreasing further. If the ETC/USD pair continues to remain under the control of Bear Radar, the price may return to previous supports at $5.2, $5.0, and $4.8 levels. It is important to note that ETC/USD market remains on a short-term downtrend trading under the 9-day and 21-day moving averages.
Where is ETC Price Going Next?
According to the daily chart, ETC/USD remains below the moving averages; a bullish control could take the price to potential resistance at $6.2. If buyers can overcome this level, resistances of $6.4 and $6.6 may come into play in the long run. A surge of volatility may likely come to play as the technical indicator RSI (14) moves below 40-level, suggesting a further drop in prices within the market.
ETC/BTC Market: Bears are Flexing their Muscles
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 510 SAT, 500 SAT and 480 SAT supports 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 580 SAT, 590 SAT, and 600. On the long-term outlook, ETC remains in a bearish control as a rebound is possible if the 550 SAT can act strong. Meanwhile, the RSI (14) has crossed below 40-level, showing a selling pressure in the market.