Briefly –
- The 12H price chart shows ETC trapped within two vibrant averages
- Multiple resistance zones prevent the coin’s ascent as RSI remains neutral
- Ethereum Classic buyers will have to defeat the bullish 50 Simple Moving Average
Ethereum Classic (ETC) remains indecisive as the crypto fluctuates between losses and gains. The asset has never printed reliable price direction for two consecutive days by today, Sunday. ETH-USD appears to be in a consolidation phase after Friday’s lucrative rebound from the fortnight channel at $58.69. Meanwhile, the Saturday Doji candle seems to cancel the anticipated continuous recovery.
The upcoming bullish narrative in the overall crypto space over the previous hours can limit ETC plunges. Meanwhile, bulls will have to dominate for altcoins, including ETC, to climb high.
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ETC at Flip Zones
While writing this article, the 12-Hr price chart indicates ETC hovering within a tight range near the $64 levels. Remember, the uphill-sloping 50 –SMA around $62 has prevented the asset’s downtrend for the last 36 hours. On the other side, ETH bulls still face massive obstacles around the dropping trend-line resistance near $65.81.
For now, analysts await a breakout to ensure continuous price moves in any direction. Nevertheless, investors find it challenging to tell the asset’s way forward as the Relative Strength Index flat-lines at the 50-level.
Ethereum Classic remains trapped within two massive resistances in the descending trend-line mentioned above and the horizontal 21-dMA at $65.20. That shows that the alt has higher chances to sustain losses. Meanwhile, if ETC secures stability over the trend-line, it will clear the way to the $70 price level.
On the other side, the 12-Hr candle close beneath the asset’s price will heighten bearish pressure for the coin to explore its 2-week lows. If sellers dominate the ETC price, the 200-dMA near $55.59 will encounter bulls’ commitments. With the current outlook, ETC awaits the correct catalysts to register price moves towards either direction.
For uptrends, bulls will have to accumulate enough momentum for continuous surges. On the other side, increased bearishness will see the asset exploring lower levels. Keep in mind that the altcoin shows higher dropping gestures.
What are your thoughts on ETC’s indecision? Comment below.
