Ethereum Classic (ETC) is in the hands of the bears as it plunged 30% over the past two weeks.
- Ethereum Classic Price Drops 30% Over Last Two Weeks
- ETC trades at $27.69 at time of writing
- ETC recession opens opportunities for short-term positions
ETC has broken below the $33.9 zone just two weeks ago, and Bitcoin appears to suffer the same fate as it failed to break above its key resistance of $19.7k. Selling pressure is increasing intermittently in the crypto market.
ETC is an offshoot of the massive Ethereum and is largely considered secure. This is because it is designed to mitigate the major problems that occur with Ethereum for large or main tokens, especially along the lines of speed amplification and fee reduction.
In fact, Ethereum Classic has evolved into one of the largest and most trusted smart contract platforms as it is called a valuable long-term investment to strengthen and diversify your portfolio.
Ethereum Classic Price Sees Bearish Pressure
according to coin market capitalizationthe ETC price plunged 1.01% or is trading at $27.69 at the time of writing.
At this point, we see a bearish block near $30. An 8% rally proves to invalidate ETC’s bearish outlook.
Traders should wait for a price surge before entering short positions in the $27-$29 range, which is fairly close to the critical support zone of $30.54.
Judging by the 1-day and 12-hour timeframes, ETC looks mostly bearish with the wave of lower highs and lows observed over the past two weeks.
With that in mind, ETC traders can trade in sync with this trend and wait for a selling opportunity.
Ethereum Classic’s RSI is below the 50 zone, which is also being revisited as resistance.
Therefore, the RSI shows a downtrend. OBV also confirms that sellers are dominating the market, with low highs seen for about three weeks so far, suggesting high sales volumes.
This trend allows ETC short sellers to profit somewhere between the key support levels of $26.9 and $24.5. Currently, a stop loss order can be pushed up if the $30.7 zone is crossed.
ETC social index declines after August 2022
Ethereum Classic hit its biggest low in July. Especially in terms of social metrics, which are higher than September figures. Apparently, since August, ETC’s social metrics, such as engagement, have declined, which has triggered the price drop.
Meanwhile, an increase in development activity for Ethereum Classic in August improved ETC’s social indicators. A good place for
ETC’s drop is said to have been brought on by BTC’s bleeding as the cryptocurrency king hovered below a key resistance of $19.7.
A recovery would require Bitcoin to rise above the $20.7k zone and flip in favor of the support zone.
ETC total market cap at $3.8 billion on the daily chart | Source: TradingView.com Featured image from Forkast, Chart: TradingView.com
Ethereum Classic (ETC) Drops 30% Over Last Two Weeks – More Pain Awaits?
Source link Ethereum Classic (ETC) Drops 30% Over Last Two Weeks – More Pain Awaits?