RATE Group | ETC/USD bulls run out of steam at the $9.35 level
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ETC/USD bulls run out of steam at the $9.35 level

23 Jan ETC/USD bulls run out of steam at the $9.35 level

Posted at 12:30h in Ethereum News by

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  • The SMA 50 is looking to cross over the SMA 200, which is a bullish sign.
  • The RSI indicator is looking to drop below the overbought zone.

ETC/USD daily chart

ETC/USD daily chart

Following four consecutive bullish days, the buyers ran out of steam at the $9.35 level. ETC/USD fell from $9.34 to $8.84. The bulls will need to protect the support at the upward trending line. The SMA 50 is looking to cross over the SMA 200 curve, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum, while the Elliott Oscillator shows four straight red sessions. The RSI indicator is looking to drop below the overbought zone. All these signs indicate that the current market sentiment is bearish.
 

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