The latest Ethereum classic technical analysis shows a retreat to the $6 position but it could retest the $7 price point which is the upper boundary of the consolidation channel. Let’s find out more in today’s Ethereum classic news.
Ethereum Classic lost 1.5% since the start of the day and retreated from the Monday recovery high of $6.9 to trade at $6.65. The altcoin didn’t change much since then and lost about 1.5% of the value since the start of Tuesday during the slow momentum on the crypto market. Etheruem Classic took the 19th place in the global crypto market with a total market cap of $782 billion and an average daily trading volume of $1.44 billion.
The Ethereum classic technical analysis shows that the ETC/USD pair is limited by the psychological 7.00 level. This boundary served as resistance and an important barrier during the previous week’s consolidation pattern. Once it was out of the way, the upside will eventually gain traction with the next major focus set on $7.60 which is the recent recovery high and the highest level since the end of May 5.
Looking at the downside, the price is supported by the 4-hour SMA50 below the $6.60 level and if this level gets broken, the sell-off will continue going towards the next support created by the combination of the 4-hour SMA100 and the lower line of the 4-hour Bollinger band as the price reaches the $4.60. This level separates ETC from an extended sell-off to the psychological level of $6.00 which is followed by the recent consolidation channel. The RSI on the intraday charts will attempt another upside movement which means that ETC will retest the upper limit of the channel.
The Ethereum Classic hard fork will happen around the 1st of June at the block number 10,500,839 and now new coins will get minted during the upgrade. However, Ethereum Classic may rally to the local top of $7.80 which was experienced in early May. The Ethereum classic upgrade known as the Phoenix hard fork is now less than two weeks away and has been expected to happen on the 1st of June this year.
The Phoenix Hard Fork will make Ethereum Classic fully compatible with ETH after the five months of successful completion of the ‘’Agharta’’ hard fork that happened on the block 9,573,300
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