ETC Price Analysis – May 10
Ethereum Classic (ETC) yet to stay above the upper boundary of the channel as the coin needs to reclaim previous resistance.
Resistance levels: $150, $160, $170
Support levels: $90, $80, $70
According to the daily chart, ETC/USD is seen hovering above the 9-day and 21-day moving averages as the price remains around $118 level with the intraday price fluctuations. Today, the Ethereum Classic price touches the daily high of $129.7 but later dropped to where it is currently trading. Over the past 24 hours, the coin has done some little shifts and the latest gain is around 0.39%.
What to Expect from Ethereum Classic (ETC)
The daily chart reveals that buyers are making a serious effort to push the coin above the upper boundary of the channel. Meanwhile, if the bulls succeed, the nearest resistance level may be located at $140 and a further bullish movement may take the price to the potential resistance levels at $150, $160, and $170.
On the contrary, if ETC/USD drops below the 9-day MA, the next key support may likely be at $95, and should the bulls fail to hold this support level, the price may further swing to the supports at $90, $80, and $70 levels. Nevertheless, the Relative Strength Index (14) is currently moving within the overbought zone, suggesting sideways movement.
ETC/BTC Market: Consolidating to the Upside
Against Bitcoin, Ethereum Classic is now moving sideways above the 9-day and a21-day moving averages. Its performance has been very low due to a recurring bearish sentiment causing the market to fall gradually. Meanwhile, the price actions remain choppy as the coin keeps following the sideways movement for the last couple of days.
However, as the market is indecisive, the traders have to be on the watch for the possible next direction. For a positive upsurge, the 2500 SAT and 2700 SAT are the major resistance levels for the coin for now. Meanwhile, a negative spike could retest the important support at 1400 SAT before a possible slip to 1600 SAT and below but the RSI (14) is moving within the overbought zone, indicating a sideways movement.