Ethereum Classic (ETC/USD) is locked in a tight range
The critical resistance is located on the approach to $4.00.
Ethereum Classic, now the 24th largest digital asset with the current market value of $434 million and an average daily trading volume of $456 billion, has lost nearly 5% of its value in recent 24 hours, moving in sync with the market. At the time of writing, ETC/USD is changing hands at $3.75.
ETC/USD, the technical picture
ETC/USD bottomed at $3.55 on November 25. While the coin managed to recover since that time, it is still locked in a tight range limited by $3.88 (the middle line of the daily Bollinger Band), and psychological $4.00. Once this resistance area is passed, thee recovery may be extended towards SMA50 (Simple Moving Average) daily at $4.40. The price has stayed below this MA since November 15. A sustainable move higher will create strong bullish momentum and allow for a move towards SMA100 daily at $4.90 and psychological $5.00.
On the downside, keep an eye on the recent low of $3.55. This is also the lowest level since December 2018. A sustainable move below this support may trigger panic selling and push ETH as low as $3.00 in now time. Considering the upcoming holiday season, low liquidity conditions may result in sharp movements across the market.
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.
Ethereum Classic, now the 24th largest digital asset with the current […]