ETC Price Analysis – July 3
The Ethereum Classic has been trading below the moving averages as the price of the cryptocurrency fluctuates in sideways within the channel.
Resistance levels: $25, $27, $29
Support levels: $7, $5, $3
After touching the resistance level of $14.99 today, ETC/USD is trading at $14.90. The coin is also moving within the channel and above the 9-day and 21-day moving averages, indicating an indecisive movement in the market. For the time being, the market price is moving around the upper boundary of the channel and the trading volume is beginning to issue a buy signal as the Relative Strength Index (14) indicator moves to cross above40-level.
Ethereum Classic Price Analysis: Where is ETC Price Going Next?
The Ethereum Classic price is expected to revisit a $15 resistance level. Therefore, any attempt by the buyers to cancel the sideways movement and the development of the downtrend could result in an upward trend. The purpose of this movement is for the coin to hit the crucial resistance levels at $25, $27, and $29. On the downside, if the coin drops below the moving averages, the price could hit the critical supports at the $7, $5, and $3 levels.
ETC/BTC Market: Price Keeps Hovering at the Upside
Against Bitcoin, the Ethereum Classic is trading above the 9-day and 21-day moving averages but following a sideways movement. The technical indicator Relative Strength Index (14) is moving above the $50-level, which keeps the coin on the upside. However, a further drop may likely hit the support level of 0.00065 BTC and below.
However, any form of a rebound from the current level at 0.00076 BTC could push the price of the coin to the resistance level of 0.00090 BTC and above. But the buyers may need to gather enough momentum for them to push the price to the north. For now, the trading volume is still low and may start rising once the technical indicator turns upward.