ETCUSD Price Analysis – November 29
Further decrease in the Ethereum Classic price is highly envisaged, in case the bears increase their pressure, $35 price level may be reached and penetrated but a pullback is inevitable in a trending market.
Resistance levels: $50, $59, $66
Support levels: $44, $35, $25
ETC/USD Long-term Trend: Bearish
ETC/USD price is on the bearish trend on the Long-term outlook. The Bears were in control of the Ethereum Classic market. The bullish trend topped the price at $66 level on November 09. The price pulled back and retested the resistance level of $59. The Bears increased their momentum on November 16 and the price decreased to the support level of $50. On November 18, the Bears were able to exert more pressure and break down the level moving towards the support level of $44.
The 21 period EMA and 9 periods EMA are separated, and the coin is trading below the two EMAs; that is the bearish momentum is increasing in the ETC market. Meanwhile, the relative strength index period 14 is at 40 levels with the signal line displaying no direction at the moment. Further decrease in the Ethereum Classic price is highly envisaged, in case the bears increase their pressure, $35 price level may be reached and penetrated but a pullback is inevitable in a trending market.
ETC/USD Short-term Trend: Bearish
ETC is bearish on the medium-term outlook. After a long period of bullish movement, Ethereum Classic hit the resistance level at $66. The price decreased down towards the support level of $50. The momentum of the Bears seems to get weak as the price is consolidating below the $50 price level.
The 9-day EMA is trying to cross the21 periods EMA upside and the ETC price is trading above the two EMAs at the close contact between them which indicates a low volatile bullish market. However, the relative index period 14 is at 50 levels with the signal line pointing up to connote buy signal.