Ethereum Classic Price Analysis – May 31
The Ethereum Classic price analysis is likely to record more downtrends after retreating from the daily high of $25.
ETC/USD Market
Key Levels:
Resistance levels: $32, $34, $36
Support levels: $16, $14, $12
ETC/USD retreats after touching the daily high of $25 level as the coin drops to fall below the 9-day and 21-day moving averages. The Ethereum Classic price may head towards the lower boundary of the channel as the technical indicator Relative Strength Index (14) shows an increase in the bearish momentum as the signal line moves below 50-level, indicating that the market sentiment may continue with a downward movement.
Ethereum Classic Price Analysis: Would ETC Move to the Upside?
The Ethereum Classic price keeps changing above 9-day and 21-day moving averages where it faces down. But, if the Ethereum Classic price rises and break above the upper boundary of the channel, the coin may begin a new upward movement to retest the previous high. The nearest resistance levels could be located at $32, $34, and $36, while the support levels lie at $16, $14, and $12 respectively giving a low trading volume.
ETC/BTC Market: Price May Head to the Downside
When compared with Bitcoin, the Ethereum Classic price has not been able to cross above the 9-day moving average. However, if the Ethereum Classic price crosses into the downside, the next support level may surface at 700 SAT and then locate further key support at 600 SAT and below if the sell-off later becomes huge.
However, on the upside, if the bulls can regroup and push the price above the upper boundary of the channel, the ETC price could face the 850 SAT resistance. Any further resistance lies at 900 SAT and above, but the technical indicator Relative Strength Index (14) moves below the 50-level, suggesting a more bearish movement.
