Ethereum Classic (ETCUSD) traded in a volatile range during recent intraday trading as the cryptocurrency remained under the control of the primary short-term downtrend, with price action continuing to follow a short-term descending trendline that reinforces the prevailing bearish bias. Selling pressure also persists as the price continues to trade below its 50-period Simple Moving Average (SMA), which is acting as dynamic resistance and limiting the prospects for a sustained recovery in the near term. Meanwhile, momentum indicators have started generating fresh bearish signals after reaching overbought territory, adding further downside pressure to the price.
Therefore, our outlook remains bearish for the cryptocurrency's upcoming intraday trading sessions, as long as resistance at $6.60 remains intact. Under this scenario, the price is expected to target the support level at $6.25.
Today's price forecast: Bearish.
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