Ethereum Classic Price Analysis – May 18
Ethereum Classic (ETC) slips to $20.15 as the coin may likely create a new low below the lower boundary of the channel.
Resistance levels: $30, $35, $40
Support levels: $10, $6, $2
ETC/USD is experiencing a severe fall beneath the long-term support at $20, which is now, subject to the price actions below the lower boundary of the channel. At the time of writing, the coin is losing momentum to the lower side of the channel along with a potential price surge.
Ethereum Classic Price Analysis: ETC Price May Suffer More
The Ethereum Classic price remains below the 9-day and 21-day moving averages, and if the coin decides to stay under the control of bears, the market price could drop to the nearest supports at $10, $6, and $2. Meanwhile, on the upside, the bulls need to push the price above the moving averages; crossing above this barrier may push the coin towards the resistance levels of $30, $35, and $40. More so, the technical indicator Relative Strength Index (14) is now moving below 35-level, indicating additional bearish signals in the market.
ETC/BTC Market: Price Moves to the Downside
When compared with Bitcoin, the Ethereum Classic price is seen moving below the 9-day and 21-day moving averages within the channel. The coin is also moving towards the lower boundary of the channel. Meanwhile, should the price remain below the moving averages, the coin may likely touch the nearest support level of 600 SAT and below.
However, if the bulls could push the market price above the 9-day and 21-day moving averages, Ethereum Classic (ETC) may reach the resistance level of 800 SAT and above. Meanwhile, as the 9-day MA remains below the 21-day MA, and the technical indicator Relative Strength Index (14) also confirms this, the market may remain at the downside while the signal line moves below the 40-level.