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Ethereum Classic Price Analysis: The Price Trades Below $6.5 after Bears Show-up

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ETC Price Analysis – September 12

Ethereum Classic has recorded a downtrend of over 3% in the last 6 days declining from $7.03 to its current value at $6.30 as of today.

ETC/USD Market

Key Levels:
Resistance levels: $7.5, $8.0, $8.5
Support levels: $5.5, $5.0, $4.5

ETCUSD – Daily Chart

Today, Ethereum Classic retested the lower channel below the 21-day MA, following the huge sell-off which currently falls at the $6.5. The bears have met a solid level as it may lead to bounce or break. Meanwhile, the long-term stochastic RSI is now trending close to the oversold territory after last week positive moves.

More so, following yesterday’s bearish surge which has significantly pull the trade to the lower channel. If the ETC/USD pair breaks, we can expect immediate support at $5.5, $5.0 and $4.0 levels. On the other hand, a bounce could regroup buyers for the key resistance levels around $7.5, $8.0 and $8.5. Considering the current market condition, the token is obeying the trend line at the moment.

ETC/BTC Market

Against Bitcoin, ETC price has followed the downtrend over the past few days and today, the coin has continued the bearish run at the moment. The next level of support may surface at 550SAT and then locate further key support at 500SAT and 450SAT levels if the sell-off later becomes huge.

ETCBTC – Daily Chart

Meanwhile, on the upside, Ethereum Classic faces the 700 SAT resistance. Above the resistance lies the major 750 SAT level. The cryptocurrency has encountered strong support at the zero-level of the stochastic RSI indicator. If the signal travels below the zero-level, we can expect bearish pressure below the channel.

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