Ethereum Classic Price Analysis: ETC/USD recovery depends on bulls conquering $12.50 – $13.00 resistance

By February 7, 2020Ethereum
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  • Ethereum Classic dives by over 3% on Friday as bears hop into the driver seat.
  • Technical levels suggest that sellers will say in charge longer ahead of the weekend session.

Ethereum Classic is retracing fast after the recent surge failed to contain the gains above $13.00. However, the growth from the support at $11.00 saw ETC rise to new 2020 high at $13.17. Friday’s early session (Asian) has been marred with correction movements. ETC/USD is trading 3.23% lower from the opening value of $12.1078.

The attempt to break past $13.00 and continue the gains to psychological level at $15.00 was the second following January’s high at $12.91. It also means that ETC’s recovery will take longer than expected. The zone with the highest congestion of sellers is $12.50 - $13.00.

On the other hand, the downside is looking towards support from the trendline after both the 50 SMA and the 100 SMA on the 1-hour chart allowed the losses to pass undeterred.

Technical levels show that the momentum is in hands of the bears. The RSI is pointing in the direction of the oversold while the MACD is back under the mean line (0.0). Unless recovery is made above $12.00 ETC will remain in danger of dropping to lower support areas at $11.00 and $8.00, respectively.

ETC/USD 1-hour chart

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