ETC Price Analysis – August 27
Ethereum Classic (ETC) increases by 6% in the first half of the day. The price escalation increases hope among the intraday traders.
Resistance levels: $8.5, $9.0, $9.5
Support levels: $5.5, $5.0, $4.5
Ethereum Classic (ETC) has repeatedly proven its potential in the market. The coin is often criticized for following Ethereum. Today, Ethereum is facing a loss, but Ethereum Classic has taken a leap forward. A few days ago, we saw the coin dealing with the bears. The market pressure was huge and traders also lost hope. Well, the currency has fought against the pressure and started to position itself in the best range today.
In the last seven days, ETC has recorded the highest value moving from $6.0 to $7.2 as at the time of writing. The on-going trend may move a little bit higher this week, and the coin may likely touch the nearest supply at $8.5 before the end of the week, but if the bulls put more effort, it could hit additional supply levels at $9.0 and $9.5 respectively.
Moreover, should in case the bulls failed, the token’s price will begin to resume low if the bearish volatility occurs and move down to cross the 21-day MA. The demand levels to watch out for are $5.5, $5.0 and $4.5. Both the stochastic RSI and MACD indicators are on the positive sides.
Comparing with Bitcoin, Ethereum Classic has followed a decent rise over the past few days and the price appears to be resuming bearish run at the moment. The next level of support may surface at 550SAT and then locate further key support at 500SAT and 450SAT levels if the sell-off later becomes huge.
While price remains indecisive, the ETC trading is likely to move up to the 800SAT, 850SAT, and 900SAT resistance levels if the bulls stand firm. According to the stochastic RSI, the market is swimming at the overbought area and when coming down, it could trigger some bearish signals on the market soon. But the MACD is still giving some bullish signals.
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