Technical

Ethereum Classic (ETC) Price Watch: Next Downside Targets

Sarah Jenn | August 21, 2018 | 4:31 am
technical analysis ethereum classic
Technical

Ethereum Classic (ETC) Price Watch: Next Downside Targets

Sarah Jenn | August 21, 2018 | 4:31 am

Ethereum Classic Price Key Highlights

  • Ethereum Classic price looks ready to resume its slide after hitting resistance at an area of interest.
  • Technical indicators are reflecting the presence of selling pressure that could take price down to the next support zones.
  • The Fibonacci extension tool shows the potential downside targets from here.

Ethereum Classic price is resuming its slide after hitting resistance at a former support level and area of interest.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse. The gap between the moving averages is also widening to signal sustained bearish momentum, and the 100 SMA recently held as dynamic resistance.

Ethereum Classic price could aim for the first support zone at the 38.2% extension and swing low around $10.821. From there, stronger selling pressure could take it down to the 50% extension just below $10.000 or the 61.8% extension at $8.211. The 78.6% extension is at $6.353 and the full extension is near the $4.000 mark.

RSI is still heading lower to indicate that selling momentum is in play, but the oscillator is approaching oversold levels so exhaustion could be seen. Stochastic is also heading down and nearing oversold levels.

ETCUSD Chart from TradingView

Ethereum Classic price recently got a boost from its addition to Coinbase and Robinhood but it appears the enthusiasm is fading. It is joining its peers in sliding this week, likely giving up ground as investors return to take advantage of the gains in stocks and commodities.

Sentiment could continue to push cryptocurrencies around in the absence of any catalysts lined up. Ethereum Classic could take its cue from dollar demand, which is being driven by headlines related to trade and Turkey these days.

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