Ethereum Classic Price Analysis: Ethereum Classic Retraced After A Massive Run

  • Ethereum classic finished retracement after a massive rally: the coin slipped after testing the first resistance of $9.47
  • The ETC/BTC pair is trading at the level of 0.0002208 BTC with an intraday gains of +4.47%  
Source: Tradingview

Ethereum Classic(ETC) gave a breakout from the symmetrical pattern. However, it retested the previous resistance, which acts as a new support line. ETC tested the first resistance of $9.62. The other major resistance level can be expected at $10.60, after which ETC price would soar to $11.98 in upcoming trading sessions. Support on lower levels is placed at $6.80 and $4.85. 

Ethereum Classic recorded an all-time high of $47.77 on December 21, 2017, and presently trades at price levels of $7.83, projecting a drop of -83.61% from its ATH. 

Source:tradingview
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Moving Average Convergence Divergence (Bullish) currently indicates a bullish trend on the weekly chart as it gives a positive crossover with the significance of buying signal line (black) overselling line (orange).

Source:tradingview

Ethereum Classic(ETC) holds the 50-Exponential Moving Averages (EMA), and currently, it is trading above 20-EMA, which indicates its bullish momentum from the current levels. ETC is trading at $7.83 with an intraday loss of -1.36%. The volume recorded is $1,665,430,870 in the last 24-hour time frame. Similarly, the market capitalization stands at $910,881,938 with a marginal drop of +0.53%. 

Support levels: $6.80 and $4.85

Resistance levels: $9.62 and $10.60 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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