Ethereum Classic price analysis: ETC/USD moves away from the recent high; $10.00 still a distant dream

By June 24, 2019 Ethereum
Click here to view original web page at
  • ETC/USD has been sliding down amid technical correction.
  • The ultimate resistance created by $10.00 remains a distant dream.

Ethereum Classic (ETC) is hovering above $9.00 amid growing selling pressure. The coin has retreated from the Sunday's high of $9.70 amid technical correction after steady growth in the weekend. ETC/USD has lost nearly 4% of its value in the recent 24 hours and 3% since the beginning of the Asian trading on Monday. Ethereum Classic's current market capitalization is registered at $1 billion; it takes the 19th place in the global cryptocurrency market rating.

Ethereum Classic's technical picture

There are no apparent fundamental factors behind the coin's sell-off, as it is driven by technical factors and broad market sentiments. From the short-term perspective, the price is supported by $9.00 with SMA200 (Simple Moving Average) on 1-hour timeframe located below this barrier. It is closely followed by SMA200 at $8.70. A sustainable move lower will open up the way towards the next bearish aim of $8.00, followed by critical SMA50 (daily chart) at $7.80.

On the upside, watch out for $9.30 (the intraday high) preceded by SMA50 (1-hour). Once it is cleared, the upside is likely to gain traction with the next focus on the recent high of $9.70 and the ultimate resistance at $10.00.

ETC/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

The ultimate resistance created by $10.00 remains a distant dream.

Ethereum Classic (ETC) is hovering above $9.00 amid growing […]

Leave a Reply