Ethereum Classic Price Analysis for 6th of September: ETC/USD Breaks the $40.00000 Resistance Level

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Updated: 06 September 2022

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Yesterday, the bulls broke loose with a very aggressive up push of the price. This followed 6 days of market indecision because of the price struggle between buyers and sellers. And this led to the ranging market. In this one day, ETC/USD recovered from the downside to the upside. The market price rose from $32.00000 to around $40.00000. And In today’s market, as the bullish market momentum continues, the price of the market broke the $40.00000 resistance level. However, as the day’s activities progress selling pressure became strong and the price drops back below $40.0000. judging from the way the market is going, there is an expectation that the price will recover later in the day or perhaps tomorrow. In the study of the market behaviour and the indicators we shall be able to predict the possible direction of the market.

Ethereum Classic Market Price Statistic:

ETC /USD price now: $40.454921
ETC /USD market cap: $ 5,121,415,578
ETC /USD circulating supply: 136,729,390.98
ETC /USD total supply: 210,700,000
ETC /USD coin market ranking: #17

Key Levels

Resistance: $42.00000 $44.00000 $46.00000
Support: $ 32.00000, $30.00000 $28.00000

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Ethereum Classic Market Price Analysis: The Indicators’ Point of View

When we compare the readings of the stochastic indicator and the RSI indicator, we can see how the RSI line quickly responds to the bearish recovery. The RSI line was fast to drop to 55% from 62%. But in the stochastic, the line continued to rise. If today ended in favour of the bears, the bullish momentum may resume tomorrow. The reason is that the stochastic being a faster indicator than the RSI, may be indicating that the market is still on the rise even though the RSI line indicates a change of price direction.

Ethereum Classic: ETC/USD 4-Hour Chart Outlook

In the 5th hour, we can see how sellers are pushing the price of Ethereum classic down with a very powerful force. Buyers in this trading session are nowhere to be found and this is making the sellers dominate the market. However, all the indicators are pointing to a recovery from the overbought region.

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