ETC Price Analysis – May 23
Ethereum Classic (ETC) has recorded a downtrend of 18.96%, in the last 24 hours; the coin has declined from $58.64 to $40.00.
Resistance levels: $80, $85, $90
Support levels: $15, $10, $5
In the early hours of today, ETC bulls were rejected around $62 level while the coin is dropping to $40. The price is floating around the lower boundary of the channel trading below the 9-day and 21-day moving averages. The Relative Strength Index (14) indicates increasing bearish momentum as the signal line move below 45-level, indicating that the market sentiment is presently bearish.
Where is ETC Price Going Next?
Currently, the coin is changing hands at $47.49 where it faces down. More so, if the price of ETC rises again and trades above the moving averages, the coin may begin its upward movement to retest the previous high. The nearest resistance levels to reach are $80, 85, and $90 while the support levels are located at $15, $10, and $5 respectively giving a low trading volume.
ETC/BTC Market: Consolidating to the Downside
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 1200 SAT and then locate further key support at 800 SAT and below if the sell-off later becomes huge.
On the upside, if the bulls can gather enough momentum to push the price above the 9-day and 21-day moving averages; Ethereum Classic could face the 1800 SAT. Any other resistance lies at 2000 SAT and above while the signal line of RSI (14) nosedives below 50-level and if it continues to face the downtrend, it may bring more bearish pressure into the market.