Ethereum Classic Price analysis: ETC/USD faces strong resistance at $7.00

• Ethereum Classic lost 5% in a matter of minutes after a move to an intraday high.
• The strong support is created by the intraday low and 1-hour SMA50.

Ethereum Classic (ETC) faced stiff resistance above the psychological $7.00. A sharp move to the intraday high of $7.08 resulted in a swift decline. The coin lost over 5% of its value in a matter of minutes before the bulls returned to the market and saved the game. At the time of writing, ETC/USD is hovering at $7.00, with over 4% of gains on a day-to-day basis. 

Ethereum Classic is now the 22nd-largest digital asset with the current market capitalization of $812 billion and an average daily trading volume of $903 million. The coin is moving in sync with the market, within the short-term bullish trend.

ETC/USD: Technical picture

On the intraday charts, ETC/USD returned inside the 1-hour Bollinger Band, while its upper line at $7.00 now serves as a local resistance. Once it is out of the way, the upside is likely to gain traction with the next focus on the intraday high. The next barrier is created by the previous recovery high of $7.56 (May 30).

On the downside, the initial support is created by the intraday low of $6.64. It is reinforced by 1-hour SMA50. If it is broken, the sell-off may be extended to 1-hour SMA100 at $7.40 followed by daily SMA100 at $7.40.

ETC/USD 1-hour chart