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Ethereum Classic Price Prediction Today: Daily (ETC) Value Forecast – June 4

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  • From the Fibonacci retracement level, the coin fell to the support of the 0.50 (50%) Fib. retracement level which is called a downtrend zone.
  • On the upside, if the bulls break above the EMAs, the $9.8 resistance will be retested.

ETC/USD Medium-term Trend: Bearish

  • Resistance Levels: $9.5, $10.0 ¸ $10.5
  • Support levels: $8.5, $8.0, $7.5

Yesterday, June 3, the price of ETC was in a bullish trend. On June 3, the ETC price rose to a high of $9.80 price level. However, the crypto’s price faced resistance at that price level. The market was in a downward correction as the price fell to a low at $8.93. The bears broke below the 12-day EMA and the 26-day EMA as price reached the bearish trend zone. However, the ETC market is making a bullish move to the bullish trend zone. From the Fibonacci retracement level, the coin fell to the support of the 0.50 (50%) Fib. retracement level which is called a downtrend zone. It appears the bears have exhausted their bearish move.

Also, there is no reversal candlestick to indicate that the current trend has been reversed. If the crypto’s  price rises to the 0.382 and 0.236 zones of the Fib. retracement level, that could mean a resumption of a  bullish trend. On the upside, if the bulls break above the EMAs, the $9.8 resistance level will be retested. On the downside, if the bulls fail to break above the EMAs, the ETC price will fall. Meanwhile, the ETC market has reached the oversold region of the daily stochastic but below the 40%range. This indicates that price is in a bearish momentum and a sell signal.

ETC/USD Short-term Trend: Bearish

On the 1-hour chart, the ETC price was in a bearish trend. On June 3, the bulls tested the $9.80 resistance level twice and were resisted. In the first resistance, the price fell to the support of the 12-day EMA and the 26-day EMA. In the second resistance, the bears broke the EMAs and price fell to a low at $8.80 price level. This was the previous resistance of June 1. In the lower time frame, the market is in the oversold region of the daily stochastic but below the 20%range. This indicates that price is in a bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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