Etereum Classic (ETC) Price Watch: Next Downside Targets


Main features of Ethereum Classic Price

  • The price of Ethereum Classic seems ready to resume its slip after struck resistance in an area of ​​ u200b u200binterest
  • Technical indicators reflect the presence of a selling pressure that could bring the price to the next support zone
  • The Fibonacci extension tool shows potential downward targets from here.

The price of Ethereum Classic resumed its slide after struggling against a previous level of support and area of ​​interest

Technical Indicator Signals

100 SMAs are below the 200 long-term SMA to indicate that the path of least resistance is downward. In other words, the downward trend is more likely to resume rather than reverse. The gap between moving averages is also widening to signal a sustained bearish momentum, and the 100 SMA has recently held dynamic strength.

The price of Ethereum Classic could target the first support zone with an extension of 38.2% and fluctuate around $ 10.821. From there, more sales pressure could lead to a 50% extension just under $ 10,000 or an extension of 61.8% to $ 8.211. The 78.6% extension is at $ 6,353 and the full extension is close to the $ 4,000 mark.

RSI is still going down to indicate that the momentum for sale is at stake, but the oscillator is approaching oversold levels. Stochastic is heading down and approaches the oversold levels.

ETCUSD Chart from TradingView

The Ethereum Classic price recently got a boost from the addition to Coinbase and Robinhood but it seems that enthusiasm is fading. He is joining his peers this week, probably giving up on investors when they return to take advantage of gains in stocks and commodities.

The sentiment could continue to push cryptocurrencies around in the absence of aligned catalysts. Ethereum Classic could be inspired by the demand for dollars, which is driven by trade-related and Turkish-related securities these days.

Source link