- 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
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 views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Technical levels suggest that sellers will say in charge longer ahead of the […]