Home Ethereum Classic price analysis: ETC/USD drops below $7, but then peeks back up
Crypto News

Ethereum Classic price analysis: ETC/USD drops below $7, but then peeks back up

FX Street
Updated:
  • ETC/USD fell from $7.08 to $6.97 in the early hours of Friday.
  • ETC/USD outperformed Bitcoin this Thursday.

Ethereum Classic had a bearish start to Friday wherein the price dropped from $7.08 to $6.97, going below the $7-level in the process. However, the bulls then managed to rally together and got the price back up to $7.03. The digital coin had a very bullish Thursday, where it ended up outperforming Bitcoin and going up from $6.79 to $7.08. The hourly breakdown of Friday so far shows that the bulls tried to recover after the bears took the price down to $7.01. However, the bears then took control and plunged the price down to $6.97, before a bullish rally got it back up to $7.03.

ETC/USD daily chart

fxsoriginal

The daily price chart is trending in a triangular formation and above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows four straight bullish sessions of increasing intensity and the Elliott oscillator shows five consecutive bullish sessions of growing intensity.

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024