Ethereum Classic (ETC) Price Analysis: ETC In Full Control Of Market Bears Breaking $8.00 Level 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Ethereum classic is showing significant positive movement in today’s market by having an overall gain of 7.21%
  • The etc coin price has gone above the crucial level of $8.00 again.
  • It looks like ETC bulls are back in the market and a successful closing above $8.00 mark will prove that.

Source: Coin360

On the 7-Day weekly chart, ETC started with the price level of $9.31. But due to the heavy downtrend in the market, it went to the lowest level of $7.25. 

On reaching the level of $7.25, the main aim of the altcoin was to break the major mark of $8.00 again. It was successful in breaking the mark but was unable to sustain above that. 

On the 1-day current chart, it started with the level of $7.80 and is again able to break $8.00 level. Currently, it can sustain above the mark with the current price of $8.16. The market capitalization is $949,125,426 and volume traded of $459,827,018 for the altcoin. 

Ethereum Classic Technical Analysis 

The ethereum classic community and developers are giving concerns about the phoenix mainnet up-gradation which is decided to launch on 10th June 2020 during a call between them. The main agenda of discussion were broken contracts, gas costs, public awareness, and emergency consensus. 

The technical chart reflects on the downtrend faced by ethereum classic during the past few days. After reaching the support level of $7.40, the price of ETC was provided with the boost to cross the level of $8.00 

Source: Tradingview

The technical indicators suggest that now ETC bulls are here to build sustainable bullish momentum. Fib retracement levels are climbing up from 0.236 level. If the retracement levels reach 0.5 level, it will favour ETC bulls immensely. 

The 24hour-RSI is also reaching a strong level of 60 which is positive for bullish momentum. 

The 24hour-CCI is in the overbought territory and a negative divergence will ensure the sustainability of the bullish movement. However, if CCI remains in the overbought region for a long duration, bears might comeback for ETC. 

MACD levels also indicate an upcoming bullish momentum as the levels are climbing to the bullish zone. 

Resistance level: $8.50 and $9.00 

Support level: $7.80 and $7.50 

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