Ethereum Classic Price Analysis – August 22
At the time of writing, the Ethereum Classic price is suffering under the influence of the bears as the coin moves sideways.
ETC/USD Market
Key Levels:
Resistance levels: $80, $85, $90
Support levels: $55, $50, $45
The daily chart reveals that ETC/USD continues to move under the control of bears and the price may return to the previous support levels at $55, $50, and $45 if the coin is found below the 9-day and 21-day moving averages, it may likely hit additional supports. Therefore, it is important to note that the Ethereum Classic price remains on a short-term downtrend in as much as the 9-day MA remains above the 21-day MA.
Ethereum Classic Price Analysis: ETC Price Could Move Higher
As the daily chart reveals, the Ethereum Classic price stays below the 9-day moving average but any bullish movement across the upper boundary of the channel may take the price to the potential resistance level of $80.
However, if buyers can overcome this level, resistances of $85 and $90 may come into play in the long run. Meanwhile, a surge of volatility may likely come to focus 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: ETC Price May Continue to Move Sideways
Against Bitcoin, Ethereum Classic is moving sideways over the past weeks as the price action moves below the 9-day and 21-day moving averages. Now, ETC/BTC appeared non-volatile as the price aims to focus on the bearish movement, signaling a possible surge in the market. As it is now, the ETC price is likely to go down to the support level of 1250 SAT and below if the bulls failed to hold the current support.
Nevertheless, the buyers may regroup with a potential break above the moving averages and if such a scenario occurs, the Ethereum Classic price may go as high as 1550 SAT and above. On the long-term outlook, ETC/BTC keeps ranging as a rebound is possible if the current market value can act strong. Meanwhile, the Relative Strength Index (14) is facing down, suggesting downward movement.
