Ethereum Classic price $7.17 Key ETC resistance levels $8, $9, $10 Key ETC support levels $6.5, $5.5, $5

*Price at the time of publication

Ethereum Classic price long-term outlook: Bullish

While most of the top cryptocurrency projects have dropped below key technical supports over the past three months, Ethereum Classic has managed to remain in its long-term channel. The mid-year correction has made the token to produce support at $5, where the channel’s lower boundary lies.

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Following the double-bottom formation on August 21, Ethereum Classic violently rebounded near the $8 level before falling back below $7. But now, ETC is priced at around $7.2 and as we can see, the bulls are gaining control of the market from a long term perspective.

We can expect a bullish continuation to $8, $9 and $10 resistances in the upcoming positive move. The past five days of trading has now brought the price action to a consolidation stage as the market may pull back to $6.6 support before the rally can continue. Meanwhile, the important supports lie at $5.5 and $5.

Since mid-July, the token has now seen a climb to the RSI 70 level – a further increase is likely if buyers continue to power the market. The MACD is rising back with a strong bullish crossover signal, indicating that buyers are stepping back.

Ethereum Classic price medium-term outlook: Bullish

Zooming in on the 4-hour chart, Ethereum Classic is looking bullish after a significant swing high for the past two weeks. As we can see on the graph, the positive climb was mounted on the $5.1 support following the August 15 pin bar candle formation. Similarly, the white rising trend line is acting as diagonal support for the market.

ETC trading now appears weak as price action meets support on the trend line with a slight break. A bounceback may retest the $7.6 resistance before climbing higher. On the other hand, a slight dip might cause a serious fall at the $6.8, $6.4 and potentially $6 support levels.

However, Ethereum Classic is already revealing a bearish divergence signal on the RSI indicator, which shows that the price could roll back to the nearby supports. Conversely, the MACD moving averages are slowly oscillating moving downward, confirming a possible bearish scenario for the ETC market.

Ethereum Classic price short-term outlook: Bullish

After printing a $7.69 high on August 22, Ethereum Classic saw a three-day retracement to $6.77 before resuming an uptrend which has now brought the price action in a channel boundary, although the ETH price is still trading below the previous high. However, this channel pattern is commonly followed by a bearish breakout.

Taking a look at the hourly chart now, we can see the market is attempting to drop from the channel pattern. For this reason, the ETH market is likely to meet supports at $6.77, $6.4 and $6. In the opposite direction, a sudden price increase may bounce the market back to the $7.5 and $7.69 resistances and above.

The bigger picture is revealed on both the RSI and the MACD indicators as the token displays a bearish bias. The cryptocurrency may drop seriously as soon as the technical indicators cross to the lowest levels.