Ethereum Classic Price Analysis – November 28
Since a few days ago, Ethereum Classic is yet to display a significant bullish move as the market continues to follow sideways.
Resistance levels: $50, $52, $54
Support levels: $41, $39, $37
ETC/USD continues to move sideways as the price remains below the 9-day and 21-daymoving averages. Today, the price has touches the daily low of $44.65 before recovering from this low. However, the daily price has been trending around the lower boundary of the channel as the trading volume fades out. Meanwhile, ETC/USD remains in an unstable market, a price surge is more likely to play out.
Ethereum Classic Price Analysis: More Downtrends May Play Out for ETC
The daily chart reveals that the ETC price remains intact within the channel. However, for an upsurge to play out, ETC/USD needs to cross above the 9-day and 21-day moving averages which may cause the coin to meet the nearest resistances at $50, $52, and $54 before we can consider additional levels for the trade.
Alternatively, a down surge could move the market to $41, $39, and $37 supports after a possible break below the lower boundary of the channel. Meanwhile, the Relative Strength Index (14) is seen moving sideways below 40-level, showing an indecisive movement.
ETC/BTC Market: The Price Continue to Range-bound
When compares with Bitcoin, Ethereum Classic is currently changing hands at 842 SAT and if the bulls can hold the price tight as it is and push it above the 9-day and 21-day moving averages, the next key target price lies at 900 SAT. Reaching this level could move the coin to the 920 SAT and above. However, the Relative Strength Index (14) is likely to cross below 40-level and may likely give some possible bearish signals.
However, if the bulls fail to get the price to the nearest resistance, the market could follow the downward movement. In the meantime, the ETC price is likely to see a sharp drop below the moving averages. Breaking this barrier could push the market further to the next support level at 780 SAT and below.