Ethereum Classic (ETC) Price Analysis: Reaches Critical Support Area Of $6.00 With Bearish Move

• Ethereum classic is showing significant negative movement in today’s market by having an overall loss of 7.00%.
• It faced major price corrections due to the resistance area and now reaching the major support level of $6.00.
• It looks like ETC bears are back in the market and closing below $6.00 mark can prove that.

On the 7-Day weekly chart, ETC started with the price level of $6.00 and due to the price recovery actions in the market, it went to the resistance level of $6.80. 

On reaching the level of $6.80, the main aim of the altcoin was to break the major mark of $7.00 again. However, It faced major price corrections due to the resistance area and now reaching the major support level of $6.00  

On the 1-day current chart, it started with the level of $6.50 and is looking able to break below $6.00 level which is not a good sign for the ETC. Currently, it can sustain above the mark with the current price of $6.10 but the bears are looking strong. The market capitalization is $709,125,426 and volume traded of $1,310,827,018 for the altcoin. 

Ethereum Classic (ETC) Price Analysis

The technical chart of Ethereum Classic ETC Price Analysis reflects on the significant price recovery made by ETC during the past few days. After crossing the minor resistance level of $6.50, the price of ETC boosted to the level of $6.80 

Ethereum Classic ETC Price analysis also suggests that now ETC bears are here to stay. Fib retracement levels indicate that the altcoin got the major support level of $5.90 if it breaks below the mark of $6.00. 

The 24hour-RSI is also reaching the bearish level of 30 which is negative for bullish momentum. 

The 24hour-CCI is in the oversold territory with a negative divergence that ensures the stay of the bears. However, if CCI remains in the oversold region for a long duration, ETC bears might provide a break below $5.90 level. 

MACD levels also indicate an upcoming bearish momentum as the levels are prevailing down to the bearish zone. 

Resistance level: $6.80

Support level: $6.10 and $5.90 

Pratik Chadhokar

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.