- The ETC price remains trapped between two major averages on the 12H chart.
- Multiple levels of resistance limit the uptrend amid the neutral RSI.
- Bullish 50-SMA is the level to beat for the ETC buyers.
Ethereum Classic fluctuates between gains and losses and lacks a clear direction for the second day in a row this Sunday.
ETC / USD entered a period of consolidation on Friday after an impressive rebound from two-week lows at $ 58.69. Saturday’s Doji candlestick appears to have dampened expectations of further ETC price rebound.
However, a new wave of supply observed across the crypto board in the past few hours could help limit the downside of Ethereum.
Ethereum Classic price on coin flip levels
As seen on the Ethereum Classic 12-hour chart, the price is hovering in a tight range around the $ 64 mark at the time of writing.
The upward sloping 50-Simple Moving Average (SMA) at $ 62.87 is guarding the downward move for the past 36 hours, while the ETC bulls continue to face strong resistance in the falling trendline resistance at $ 65.81.
A range breakout is awaiting continued movement in both directions. However, with the Relative Strength Index (RSI) flattening at 50.00, investors lack a clear sense of direction.
However, ETC price faces two healthy levels of resistance in the horizontal 21 DMA at $ 65.20 and the descending trendline mentioned above.
Hence, the path of least resistance for ETC traders appears to be on the downside.
An acceptance above the trend line hurdle could pave the way towards the $ 70 mark.
ETC / USD: 12-hour chart
On the flip side, a 12 hour candlestick close below the ETC price could add bearish pressure and require a test of the two week lows.
The 200 DMA at $ 55.59 will challenge bullish commitments should sellers take complete control.