Ethereum Classic Muffled In Last 2 Months


There was a 5% loss in the value of ETC over the past day. Ethereum Classic has continued its decline in the longer time frames since the sharp rally in July.

The bears from Ethereum Classic could not stand the selling pressure after the fork tried to keep the price above the $27 support line.

As of this writing, ETC is trading at USD 23.08, Coingecko data, Saturday, showed a 16 percent decline in the past seven days.

Although proof of stake has rendered Ethereum mining obsolete, renewed interest in the coin has resulted from the merger. On the day the merger was announced, it was Hash rate increase as a result.

However, the long-term outlook for ETC remains bleak as the weekly, bi-weekly and monthly time periods are all in the red.

The current value of 0.80 between Ethereum and the hard fork indicates that Ethereum Classic will enthusiastically follow wherever ETH goes. The data indicate a positive expansion.

Ethereum Classic: Technical Analysis

From September 19 to now, the price of ETC has fluctuated between $20.73 and $31.13. The coin’s moving average (CMF) is currently at -0.09, indicating that the bears are gaining control.

However, Stoch RSI is in the oversold territory, which presents an excellent buying opportunity for investors and traders.

The rising bullishness of the Bull Bear strength indicator indicates a possible trend reversal. However, the central line of the Bollinger band is exerting more downward pressure on the currency.

Exponential Moving Averages (EMA) from 20 days to 100 days also act as a dynamic barrier for the token, making a rebound possible.

Etc: Possibility of recovery?

Although it will be difficult to produce a price reversal, the bulls can still defend the $23 support level. This will serve as a starting point for them to test the $27 resistance level. Traders and investors can also benefit from Stoch RSI numbers.

As mentioned earlier, the Stoch RSI is in the lower half of oversold territory. This indicates that the currency is now undervalued and not very expensive to buy. Speculators and investors can buy ETC at the current market price with a stop loss of $18.76.

However, this carries significant risks as other indicators point to a pessimistic short- and long-term view of ETC. But if the bulls manage to hold the support line at $23, then October will be an excellent starting point for a further rally to $29.71. We expect strong bearish or bullish price movement in the following days and weeks.

ETC total market cap at $3.17 billion on the daily chart | Featured image from Investing.com, Chart: TradingView.com
Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.



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