RATE Group | Ethereum Classic (ETC) Price Watch: Next Downside Targets
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Ethereum Classic (ETC) Price Watch: Next Downside Targets

21 Aug Ethereum Classic (ETC) Price Watch: Next Downside Targets

Posted at 05:28h in Ethereum News by

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Ethereum Classic Price Key Highlights

  • Ethereum Classic price looks ready to resume its slide after hitting resistance at an area of interest.
  • Technical indicators are reflecting the presence of selling pressure that could take price down to the next support zones.
  • The Fibonacci extension tool shows the potential downside targets from here.

Ethereum Classic price is resuming its slide after hitting resistance at a former support level and area of interest.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse. The gap between the moving averages is also widening to signal sustained bearish momentum, and the 100 SMA recently held as dynamic resistance.

Ethereum Classic price could aim for the first support zone at the 38.2% extension and swing low around $10.821. From there, stronger selling pressure could take it down to the 50%…

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