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Technical analysis

Forecast: Ethereum Classic Might Break Below $8.70 Support

Amandeep Sonewane | Oct. 17, 2018
Forecast: Ethereum Classic Might Break Below $8.70 Support

The price of Ethereum Classic (ETC) is in consolidation stage against the USD. However, the coin could lose traction once it breaks the daily strong support.

17 October 2018, AtoZMarkets Ethereum Classic price is trading above the $10 level with the 24 hours trading volume of $2.40 Million. Currently, the coin has a market cap of $1.01 Billion according to coinmarketcap.com. In the last 1 Week, the price of the coin has dropped by -9.99% with a total volume of over $50.17 Million. Also, the highest price, $ 10.86 of the coin was on Thursday, 11 October 2018.

Elizabeth Kukka, Program Director at Ethereum Labs has created quite a buzz as there's been a lot of interest and inquiries about the program, which is set to launch in the Q1 2019. Ethereum Labs is currently in its pilot program, testing out the incubator to see how it works.

Elizabeth commented:

“Pilot projects get free working space, great coffee, and the opportunity to work alongside some of the best minds in the business. They will also have the opportunity to pitch their ideas to a roomful of investors at our launch event on October 25th. The goal of this pilot program is to put the incubator model to work and get feedback from these initial teams before going live.”

Ethereum Classic Technical Analysis

According to the charts, Ethereum Classic price is consolidating from past few days. In the last 24 hours of trading, Ethereum Classic has been trading in a narrow range between the 200-day MA and the 55-day MA. The increased tightening of this range signals to a scenario where the price could be headed for a breakout. If Etheruem Classic breaks out to the upside above the 200-day MA at $10.50, it would make sense to go long with a target of $12-$13.

Also, the 100 SMA line is in the weekly timeframe is below the 200 line, which indicates that the path of least resistance is to the downside. Thus, a bearish pressure might be seen in the upcoming days.

On the other hand, if Ethereum Classic (ETC) breaks below the 55-day MA at $9.90, then it could drop below the $8.7 mark, which is the next key support level on the 100-day MA. A break below this level could easily see Ethereum Classic to test a low of $7.90. That’s the price where Ethereum Classic has lagged in the last 72 hours, and a possible exit point for an intra-day short order.

  • The Relative Strength Index placed at period 14 is valued near 50 which signals "Selling" in weekly time-frame.
  • The William%R signals the selling action on the short-term time-frame.
  • MACD(12,26) – "Sell" signal in weekly charts.
  • ATR(14) signals that Ethereum Classic is Highly volatile.

Ethereum Classic Pivot Points

Ethereum Classic has a strong support near $8.70 and resistance near $10.77 levels.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.