Is the Ethereum Classic price losing Investors' support post-Merge?
- Ethereum Classic price has lost support from the 8-day exponential and 21-day simple moving averages.
- ETC price shows an uptick in volume amidst the decline.
- Invalidation of the bearish thesis is a breach above the swing high at $42.50.
Ethereum Classic price could be setting up for a sharp decline targeting $22.50. Key levels have been identified.
Ethereum Classic price points south
Ethereum Classic price could be on its way toward a 25% decline. At the current time, the bears have breached both the 8-day exponential and 21-day simple moving averages. Amidst the breach, a significant uptick in volume entered the market.
The technicals may come as a surprise as many investors have speculated the ETC price to witness fruitful returns amidst the Ethereum Merge implementation. Nonetheless, the technicals suggest that the swing low near $30.50 stands a high chance of failing as support.
ETC USDT 1-Day Chart
Ethereum Classic price currently auctions at $31.94. The recent September high near $44 was rejected on the daily level at a critical barrier on the Relative Strength Index, Although traders may be looking for a 5th wave up to provide balance to the summertime rally, the ETC may have already truncated on smaller time frames.
Invalidation of the bearish thesis can occur if the bulls can hurdle the $44 swing high. In doing so, they could print one more impulsive wave targeting the Springtime congestion zone at $62. Such a rise would result in a 90% increase from the current Ethereum Classic price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
