- Ethereum Classic has slid to the $62 level, losing -1.57% so far.
- The ETC/USD pair has formed a double bottom level that extends strong support at the 61.25 area.
- Forex trading participants may look for a buy trade above the $61.25 level to the target of $64.89 and $68.
During the late European session, the ETC/USD pair slipped to the $62 level, losing -1.57% so far. The ETC/USD pair failed to stop its early-day downward performance and remained sideways around the $61.57 level. If you are wondering what to expect and where to buy ETC/USD? Let’s find out below…
Despite the upbeat crypto-market, a few altcoins, including Ethereum Classic, are still trying to cope with the pressure to perform better. However, the reason for its declining rally could be attributed to broad-based US dollar strength. The US Dollar Index (DXY), which tracks the greenback’s performance against its 6-major rivals, recovered from the lower levels amid higher US benchmark Treasury yields.
Bearish Correction in Crypto Market Weights on ETC/USD
The ETC/USD price is trading near $62 with a 24-hour trading volume of $3,006,293,268. The ETC/USD dropped by 1.57% in the last twenty-four hours. Bitcoin is losing its positive traction as it failed to stay above $50,000 and corrected lower against the US Dollar.
Bitcoin could correct lower towards the $48,250 support in the near term. BTC tested the $50,500 resistance level and recently started a downside correction. However, the latest pause in the crypto market gains tends to undermine a few altcoins, including Ethereum Classic.
A Stronger US Dollar Drags the Ethereum Classic Lower
Apart from this, the buying bias in the US dollar has also played a significant role in undermining the ETC/USD pair. The broad-based US dollar maintained its early-day bullish bias and remained well bid on the day amid higher US benchmark Treasury yields.
Furthermore, the emergency video conference of the Group of Seven (G7) leaders to discuss Taliban-related issues boosted the safe-haven appeal of the US dollar. Lastly, the quicker spread of the virus variant also adds to its role in supporting the dollar and having a bearish impact on ETC/USD.
ETC/USD Price Prediction – Technical Levels
Support Resistance
59.75 67.24
56.68 71.66
53.26 74.72
Pivot Point: 64.17
ETC/USD Double Bottom Support $61.20 – Where to Buy ETC/USD Now?
The Ethereum Classic price prediction is bearish below the 64.90 resistance level. However, the pair is gaining support at the 61.25 level. On the 4 hour timeframe, the ETC/USD pair has formed a double bottom level that extends strong support at the 61.25 area.
On the bearish side, the breakout of double bottom support at 61.25 could extend the selling trend until 56.93. The closing of candles below the 61.25 level will confirm a bearish breakout. Therefore, the pair can exhibit a continuation of a selling trend until 56.68.
On the bullish side, the breakout of the 64.79 level could lead the ETH pair towards 69.75 and 73.75 levels. On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $66 level, demonstrating a selling trend. Besides, the Stochastic RSI indicator has started coming out of the oversold zone. Therefore, the chances of a 61.25 level breakout are slighter now.
Therefore, forex trading participants may look for a buy trade above the $61.25 level to the target of $64.89 and $68. Alternatively, we can place a sell-stop below $61 to target the $56.93 level. All the best.
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