Ethereum Classic Price Analysis – November 8
Ethereum Classic remains in the green as the cryptocurrency market gains from the increased buying pressure.
Resistance levels: $60, $62, $64
Support levels: $50, $48, $46
ETC/USD price is now trading close to the upside after touching $55 resistance during the European session today. The coin may continue to move upwards if the price crosses the upper boundary of the channel. Meanwhile, Ethereum Classic may begin the week on a better note as the price could touch the resistance level of $58 in the next positive directions.
Ethereum Classic Price Analysis: ETC May Break Short-Term Resistance
According to the daily chart, the Ethereum Classic price is likely to break out of the range and move to the upside. In other words, as the technical indicator Relative Strength Index (14) moves above 50-level, once it faces down, there is a higher chance that ETC may find supports at $50, $48, and $46 but may continue to move upside to located the resistance levels of $60, $62, and $64.
ETC/BTC Market: Ethereum Classic Price May Drop More
Against Bitcoin, the recent price decline places the ETC in a downward trend after the price failed to cross above the 9-day and 21-day moving averages, indicating a bearish movement. Looking at a long-term bear market, the 700 SAT, 650 SAT, and 600 SAT could provide support levels for the next selling pressure as the technical indicator Relative Strength index (14) moves below 40-level.
After touching the resistance level of 854 SAT, ETC/BTC price falls to trade at 831 SAT following a sudden rise in the downtrend. Now, we may say that the bears may continue to dominate the market if the bulls failed to push the price above the upper boundary of the channel. However, if the support level of 831 SAT can act as a solid line of defense against any further downtrend; the resistance levels of 950 SAT, 1000 SAT, and 1050 SAT may come to play.