Ethereum Classic (ETC) dropped below $6.5 after a short-lived recovery attempt. At the time of writing, ETC/USD is changing hands at $6.47, down nearly 3.5% since this time on Tuesday. ETC now takes the 27th place in the global cryptocurrency market rating with the current market capitalization of $754 million. The project recently suffered serial reorg attempts that eroded users’ confidence.
ETC/USD: The technical picture
From the short-term point of view, the recovery is capped by the middle line of the 1-hour Bollinger Band at $6.50. Once this barrier is our of the way, the upside momentum may gain traction with the next focus on $6.70, reinforced by a combination of 1-hour SMA100 and SMA50. However, the critical resistance comes at the psychological $7.00. A sustainable move above this area will improve the short-term technical picture and allow for the upside to gain traction.
On the downside, the initial support comes at Tuesday’s low of $6.38 with the lower line of the 1-hour Bollinger Band located on approach. If the bears manage to push the price below this barrier, the sell-off may gain traction with the next focus on $6.00. However, the RSI on the intraday charts stays flat close to the oversold levels, which means the price may be vulnerable to range-bound trading during the nearest hours.
ETC/USD 1-hour chart
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