Ethereum Classic Price Analysis – July 5
Ethereum Classic price suffers under the influence of the bears as the path of least resistance remains downward.
ETC/USD Market
Key Levels:
Resistance levels: $75, $85, $95
Support levels: $35, $25, $15
The daily chart reveals that the trading volume is decreasing further as the ETC/USD pair continues to move under the control of bears, the price may return to previous supports at $35, $25, and $15 if the Ethereum Classic price trades below the 9-day and 21-day moving averages. Therefore, it is important to note that ETC/USD market remains on a short-term downtrend trading above the 9-day and 21-day MAs.
Ethereum Classic Price Analysis: Where is ETC Price Going Next?
According to the daily chart, the Ethereum Classic price remains at the downside; a bullish control above the upper boundary of the channel could take the price to the potential resistance at $75. However, if buyers can overcome this level, resistances of $85 and $95 may come into play in the long run. Meanwhile, a surge of volatility may likely come to play as the technical indicator Relative Strength Index (14) may cross below 50-level, suggesting a further drop in prices within the market.
ETC/BTC Market: Price Moves Sideways
Against Bitcoin, Ethereum Classic is moving sideways over the past days as the price action continues above the 9-day and 21-day moving averages. Now, ETC/BTC appeared non-volatile as the price aims to cross above the upper boundary of the channel, signaling a possible surge in the market. As it is now, the ETC price is likely to go down to the support level of 1200 SAT and below if the bulls failed to hold the current support.
However, a bullish regroup may bring a decisive move with a potential break above the channel. If such a scenario occurs, the ETC price may likely go as high as 2000 SAT and above. On the long-term outlook, the Ethereum Classic price remains at the upside as a rebound is possible if the 1600 SAT can act strong. Meanwhile, the Relative Strength Index (14) keeps moving around 57-level range-bounding.
