Ethereum (ETH) Classic Price Analysis for Sixth of September: ETC/USD Breaks the $40.00000 Resistance Level

Yesterday, the bulls broke loose with a very aggressive up push of the price. This followed 6 days of market indecision as a result of the price struggle betwixt buyers and sellers. And this led to the ranging market. In this one day, ETC/USD recovered from the downside to the upside. The market value rose from $32.00000 to around $40.00000. And In today’s market, as the positive  tendency market momentum continues, the price of the market broke the $40.00000 resistance level. Nonetheless, as the day’s activities progress selling pressure became strong and the price falls back below $40.0000. judging from the way the market is going, there is an expectation that the price will recover thereafter in the day or perhaps tomorrow. In the study of the market behaviour and the indicators we shall be able to predict the possible direction of the market.

Ethereum (ETH) Classic Market Value Statistic:

• ETC /USD price now: $40.454921
• ETC /USD market cap: $ 5,121,415,578
• ETC /USD circulating supply: 136,729,390.98
• ETC /USD total supply: 210,700,000
• ETC /USD coin market ranking: #17

Key Levels

• Resistance: $42.00000 $44.00000 $46.00000
• Support: $ 32.00000, $30.00000 $28.00000

  Ethereum (ETH) Classic Market Value Analysis: The Indicators’ Point of View

And once we compare the readings of the stochastic indicator and the RSI indicator, we can see how the RSI line quickly responds to the bearish recovery. The RSI line was fast to fall to 55 percent from 62%. On the other hand, in the stochastic, the line continued to boost. If today ended in favour of the bears, the positive  tendency momentum may resume tomorrow. The reason is the fact that the stochastic being a quicker indicator than the RSI, could be indicating that the market is still on the boost despite the fact that the RSI line signifies a change of price direction.

Ethereum (ETH) Classic: ETC/USD 4-Hour Chart Outlook

In the fifth hour, we can see how sellers are pushing the price of Ethereum (ETH) classic down with a very powerful force. Buyers in this trading session are nowhere to be found and this is making the sellers dominate the market. Nonetheless, all the indicators are pointing to a recovery from the overbought region. 

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