- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.