Ethereum Classic Price Prediction for Today, December 7: ETC/USD Retreats Below $19.5

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The Ethereum Classic price prediction shows that ETC is likely to face a sharp decline with a loss of 4.81% heading towards the downside.

Ethereum Classic Prediction Statistics Data:

Ethereum Classic price now – $18.6
Ethereum Classic market cap – $2.5 billion
Ethereum Classic circulating supply – 138 million
Ethereum Classic total supply – 210.7 million
Ethereum Classic Coinmarketcap ranking – #24

ETC/USD Market

Key Levels:

Resistance levels: $30, $32, $34

Support levels: $10, $8, $6

ETC/USD is facing a downtrend as the coin begins to drop below the 9-day and 21-day moving averages. The Ethereum Classic price failed to break above the resistance level of $19.6 as it’s been restricted from heading towards the upper boundary of the channel. Moreover, the buyers may need to push the coin above the moving averages so as a clear break of the channel may take the coin up to the nearest resistance level of $20 level.

Ethereum Classic Price Prediction: Ethereum Classic (ETC) May Head to the Downside

The Ethereum Classic price may begin to experience a downtrend if the nearest support of $18 gives way. However, sellers may be more dominant if the bears continue to post firm commitment as the technical indicator Relative Strength Index (14) shows a slight downtrend on the chart.

Nevertheless, traders could see a sharp drop under the 9-day and 21-day moving averages if the market price crosses below the $15 support; breaking this level could further weaken the market to hit the supports at $10, $8, and $6. Therefore, if the buyers manage to fuel the market, traders may expect a further increase above the upper boundary of the channel which could locate the resistance levels of $30, $32, and $34 respectively.

Against BTC, the Ethereum Classic price keeps operating below the 9-day and 21-day moving averages. Meanwhile, if the bullish movement begins, the resistance level of 1300 SAT is expected to be visited; therefore, there might be a reason to expect a long-term bullish reversal if the red line of the 9-day MA crosses above the green line of the 21-day MA.

In other words, if the Ethereum Classic price slides to the south, it could refresh lows under 1100 SAT, and a possible bearish continuation may likely meet the major support at 1000 SAT before falling to 800 SAT and below while the buyers may push the coin to the potential resistance at 1500 SAT and above if the bulls successfully push the coin above the channel. Meanwhile, to support the bearish movement, the technical indicator Relative Strength Index (14) moves to cross into the oversold region to give more bearish signals.

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