Ethereum Classic (ETC) Price Watch: Short-Term Breakdown, But Long-Term Floor Holding
Ethereum Classic Price Key Highlights
Ethereum Classic recently tumbled below a short-term ascending trend line to show that sellers are winning out.
However, price is also encountering strong support at the long-term floor around $13.
A bounce off this level could lead to a test of the broken short-term trend line or a move to the next area of interest.
Ethereum Classic price is fighting to keep its head above the long-term floor as it recently fell below a short-term trend line.
Technical Indicators Signals
The 100 SMA recently crossed below the longer-term 200 SMA to signal a pickup in selling pressure. This indicates that the path of least resistance is to the downside or that support is more likely to break than to hold.
However, RSI is pulling up from the oversold area to signal a return in bullish pressure. A bullish divergence is also evident as RSI made higher lows while Ethereum Classic price made lower lows. Stochastic is also climbing out of the oversold area so price might follow suit if buyers take over.
Ethereum Classic price could aim for the broken trend line, which might hold as near-term resistance and lines up with the dynamic inflection points at the moving averages. If these keep gains in check, price could fall back to the long-term floor or even break lower.
ETC/USD Chart from TradingView
Ethereum Classic price drew a strong boost from news of its listing on Coinbase and Robinhood, but the overall sentiment in the cryptocurrency industry took over. Traders were disappointed by the SEC decision to delay their ruling on a number of bitcoin ETF applications to September, which means that the industry could be in limbo until then.
With that, further consolidation at these support levels could be seen in the coming days, unless of course there are any major positive or negative developments.
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