Ethereum Classic Price Analysis – May 6
Ethereum Classic price is suffering under the influence of the bears as the path of least resistance remains downward.
ETC/USD Market
Key Levels:
Resistance levels: $40, $45, $50
Support levels: $15, $10, $5
The daily chart reveals that the trading volume is decreasing further as ETC/USD pair continues to move under the control of bears. The Ethereum Classic price may slide below the lower boundary of the channel which could hit the supports at $15, $10, and $5 if the Ethereum Classic price. Therefore, it is important to note that ETC/USD market remains on a short-term downtrend trading below the 9-day and 21-day moving averages.
Ethereum Classic Price Analysis: Where is ETC Price Going Next?
Looking at the daily chart, the Ethereum Classic price may remain at the downside while bullish control could move towards the upper boundary of the channel. However, if buyers can return to the market, the coin could reach the resistance levels of $40, $45, and $50 may come into play. But on the contrary, a surge of volatility may come to play as the technical indicator Relative Strength Index (14) crosses below the 40-level, suggesting a further drop in prices within the market.
ETC/BTC Market: Ethereum Classic Price Move Sideways
Against Bitcoin, Ethereum Classic is moving sideways over the past few days as the price action continues within the 9-day and 21-day moving averages. Now, ETC/BTC appeared non-volatile as the price aims to cross above the 21-day moving average, signaling a possible surge in the market. As it is now, the ETC price is likely to go down to the support level of 600 SAT and below if the bulls failed to hold the current market value.
However, a bullish regroup may bring a decisive move with a potential break above the 21-day moving average. If such a scenario occurs, the Ethereum Classic price may likely go as high as 1000 SAT and above. On the long-term outlook, the ETC price remains on the upside as a rebound could be possible if the 800 SAT can act strong. Meanwhile, the Relative Strength Index (14) is moving above the 40-level range-bounding.
