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- Ethereum Classic is currently trading at a minimum of 20 months.
- The market has recently found some support at a downtrend level of Fibonacci 1.414 at the price of $ 4.35.
- Support in progress: $ 5.00, $ 4.29, $ 4.00, $ 3.50, $ 3.00, $ 2.74, $ 2.50, $ 2.00, $ 1.92.
- Forward Resistance: $ 5.62, $ 6.00, $ 6.41, $ 6.99, $ 7.00, $ 7.83, $ 8.80, $ 9.39, $ 10.00.
Ethereum Classic has seen a small price increase of 4% in the last 24 hours of trading. The cryptocurrency is now trading at a price of around $ 4.95, at the time of writing, after suffering a 13-day price drop of 13%.
Ethereum Classic is now ranked in 18th position, with a total market capitalization value of $ 526 million. The 28-month Ethereum fork has undergone a very difficult month of trading, losing more than 48% in the last 30 trading days.
We continue to take a look at the long-term ETC against the USD.
Analysis of the classic prices of Ethereum
ETC / USD – LONG TERM – DAILY TABLE
Taking a look at the ETC / USD from the long-term perspective above, we can clearly see the disastrous year that the market has gone through. The market fell from its high price of 2018 to $ 46,98 at its current catastrophic low of around $ 4.98.
We can see that price action has recently found a form of long-term support provided by an extension level of 1.44 Fibonacci (drawn in purple) at a price of $ 4.35.
We continue to take a look at the market from a closer perspective and highlight any potential areas of support and resistance that go on.
ETC / USD – SHORT TERM – DAILY DAILY
Following a more in-depth examination of ETC / USD, we can see that support at $ 4.35 (described in the previous section) is strengthened by a short-term downside 1.618 Fibonacci extension (drawn in blue) with price in the same region.
After a month of falling prices, this combined support area allowed ETC / USD to bounce marginally in an attempt to start a recovery. The market now negotiates with the resistance provided by the 7-day EMA EMA (blue moving average) around the $ 4.99 handle.
Going forward, if buyers can continue with their recovery and push the market up, we can expect the immediate resistance above to fall short-term .236 Fibonacci Retracement level (drawn in red) for $ 5.62 .
One can expect further significant resistance above the short-term bearer level .382 Fibonacci retracement level (drawn in red) for $ 6.47. This area of resistance is further strengthened by the 21-day EMA (purple moving average) that is currently poised within the same area.
If the bullish momentum continues higher, more resistance above will be placed at the previous 1.44 Fibonacci Extension level (drawn in blue) for $ 6.99, followed by the short term level .618 Fibonacci Retracement (drawn in red) at the price of $ 7.83. The resistance at $ 7.83 will require significant momentum to overcome due to the previous long-term disadvantage 1,272 of the Fibonacci extension level (drawn in purple) that is also found in this area.
On the other hand, in our bearish scenario, if the market reoccurs and begins to decline, we can expect that the underlying immediate support will be placed at the previous support combined with the extension level 1.618 Fibonacci (drawn in blue) for $ 4:29.
If sellers continue to fall further below this combined support area at $ 4.29, further support below may be short-term downwards 1.272 FIbonacci extension level (greened) at $ 2, 74.
The RSI has started its return journey towards the 50 handle while the bulls are fighting to regain control of the market momentum. A break above the 50 handle would confirm that the bulls are back in control of the market momentum.
We continue to analyze the long-term ETC / BTC pricing action.
ETC / BTC – LONG TERM – DAILY TABLE
By analyzing ETC / BTC from the long-term perspective above, we can see an equally depressing year for ETCs against BTCs. Price action has been steadily declining for most of the year of trading and has recently set new annual lows for 2018.
Price action approached a long-term form of support provided by the long-term downside 1.414 FIbonacci extension level (drawn in red) at the price of 0.00113389 SATS. It is too early to confirm the validity of this level of support, but due to its long-term nature, we can assume that the market will experience a relatively strong support in this area.
Let's take a closer look at the market over the last two months and highlight any areas of support and resistance.
ETC / BTC – SHORT TERM – DAILY TABLE
From the short term chart above, we can see that the support at the 1,415 Fibonacci extension level (mentioned above) is also supported by another side inferior to 1,414 Fibonacci Extension (drawn in orange) at the lowest price in the same area.
If sellers are able to penetrate below this combined level of support, it can be expected that the underlying support is downwards 1,227 and 1,414 Fibonacci levels (drawn in purple), priced at 0,00102945 SATS and 0 respectively, 00097244 SATS.
Alternatively, due to our bullish expectations, if buyers start to pick up the market higher, we can expect the significant immediate resistance above to be on the previous short-term discount of 1.272 FIbonacci Extension (drawn in orange) at the price of 0.00130053 SATS.
This is followed closely by the long-term side 1,272 Fibonacci Extension level (drawn in red) priced at 0.00140454 SATS.
Also the RSI inside this market started to recover from the oversold conditions. However, he seems to be struggling to get back to the handle 50 as he zigzags around level 30.
If the RSI continues to rise higher, this could indicate that bears are losing interest in selling the market and a strong recovery may be possible.
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