Ethereum Classic (ETCUSD) price declined in its latest intraday trading after colliding with the resistance of its 50-day SMA, which coincided with a test of the upper boundary of a short-term corrective bearish price channel that has constrained its previous trading, forcing the price to retreat, especially with continued negative signals from the Stochastic indicators after previously reaching overbought levels.

Therefore we expect the digital currency price to decline in its upcoming intraday trading, as long as it remains below the $9.00 resistance level, targeting the important support level at $8.50.

Todays price forecast: Bearish