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

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

  • 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 marke 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

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