A look at the Weekly chart for Ethereum Classic (ETC) shows that price broke the longstanding support at the $10 level and now has fallen to $4, slightly above the next support area at $3.5-4.
Price is currently trading below all the moving averages, which have formed numerous bearish crosses. Furthermore, the MACD has failed to form a bullish cross twice (yellow arrows).
Finally, while the RSI is <30 for the first time in a long while, there is no bullish divergence developing yet.
A look at the 3-Day chart for ETC gives a more optimistic scenario.
There is a small amount of bullish divergence developing in the RSI, and the MACD has almost made a bullish cross.
However, the price is trading well below all the moving averages and a thick cloud.
The Daily chart gives a similar outlook, with even more bullish divergence developing in the RSI.
Furthermore, the MACD has formed a bullish cross and is approaching 0 with strong volume.
Finally, the 6-hour chart goes into more detail into the short-term possible movements.
Price has moved past the 7-21 period moving averages and the cloud. Now price is facing resistance in the $5-5.5 area.
Finally, the RSI barely crossed into oversold territory (>70) but has not made any bearish divergence yet.
- Price has broken the long-term support at $10.
- The next area of support is $3-4.
- Long-term indicators are bearish while short-term indicators are bullish.
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