- Ethereum Classic price is unable to bank on the bullish tone in cryptocurrencies.
- ETC is set to slide below $20 later today if this course continues.
- Expect to see another leg lower as ETC could slip below $19.
Ethereum Classic (ETC) price is a bit of an outlier in the altcoin space as it appears to be one of the few coins out there unable to enjoy the bullish wave that is sweeping up price action higher in cryptocurrencies. It even appears that ETC is stuck in a bearish trend channel and could be set to tank lower as bearish forces remain clearly in control. Once $20 breaks, it looks inevitable that ETC will start to tread water below $19.
Ethereum Classic price has bears allocating resources to it
Ethereum Classic price is under the scrutiny of the bears as price action is not showing many prospects of popping higher anytime soon. While several altcoins and cryptocurrencies are increasing, ETC traders are left empty-handed. Expect those traders to start allocating their money to those coins that have been performing with XRP as the frontrunner to get the most cash inflow as ETC bleeds.
ETC will see a small cash exodus occurring with price action to sprint lower. Once $20 is being breached, a quick cycle lower could see $19 at the monthly S1 and the lower barrier of the trend channel as support. A quick false break could not be unthinkable as seen in the past with more than a10% loss at hand.
ETC/USD 4H-chart
With several altcoins and cryptocurrencies having performed explosively in price action, many traders might stay away from them now as price levels are too elevated and too risky to get involved in. That would mean that lagging altcoins see an interest coming in at some delay. ETC would see substantial inflow once it breaks out of the descending trend channel and could hit $25 quite quickly with a 20% gain nearby.
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