Ethereum Classic Price Analysis – August 5
At the time of writing, the Ethereum Classic is being attacked by the bears as the price drops slightly with its intraday movement.
Resistance levels: $65, $70, $75
Support levels: $40, $35, $30
ETC/USD sudden drop disappointed the traders as the market trying to focus on the upward movement. However, a slight improvement has been felt as the coins changed and turned green a couple of days ago, but the chances of getting a profitable intraday closure are much lower. Therefore, the coin may still continue to visit the higher lows.
Ethereum Classic Price Analysis: ETC Price May Keep the Uptrend
As for now, the coin is changing hands at $51.65 where it faces down. If the price of ETC rises again and break above the upper boundary of the channel, the coin may continue its upward movement to create a new high. Meanwhile, the nearest resistance levels the coin might likely reach are located at $65, $70, and $75 but crossing below the 9-day and 21-day moving averages may hit the support levels at $40, $35, and $30 respectively which may continue to give a low trading volume as the technical indicator Relative Strength Index (14) may remain below 60-level.
ETC/BTC Market: Sideways Movement is Likely
Against Bitcoin, the price is moving within the 9-day and 21-day moving averages but with a bullish candle that is just coming up. The coin is trying to move towards the upper boundary of the channel. However, the technical indicator Relative Strength Index (14) is seen maintaining a sideways movement but the market price still remains at the downside. Therefore, a possible drop may surface and the support level is located at 1100 SAT and below.
However, if the Ethereum Classic makes a cross above the channel, it could reach the resistance level of 1500 SAT and above but the bulls may have to gather enough momentum to be able to push the price to the north. Nevertheless, the trading volume is yet to surface but it may start rising once the technical indicator turns upward.