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The recent market selloff has again pumped life into bears of Ethereum Classic (ETC) who have long been presumed dead. The previous daily chart for ETCUSDShorts has a strong bearish set-up. When the number of shorts fell below the trend line, it was expected that it would create a bit of fear among the bears, since there would probably be a significant selloff. However, the recent collapse of the market has led to an increase in the number of bears that have again hit the classic etereum (ETC). The number of shorts has increased by over 25% for the day, but has yet to test the trend line. That said, trade in the area shown in red is expected until the recovery of Ethereum Classic (ETC).
The price of Ethereum Classic (ETC) fell along with the rest of the market, but we have seen some signs of resilience. While most of the altcoins lost nearly 15% or more, the Ethereum Classic (ETC) resisted such falls. However, he eventually had to fall more with the rest of the market. This resulted in the breakdown of the Ethereum Classic (ETC) below $ 6 to form a new annual minimum. It would have been quite unreasonable to expect an already underrated cryptocurrency like Ethereum Classic (ETC) to fall to $ 5 while coins like Ripple (XRP) and Stellar (XLM) openly challenge the Bitcoin (BTC) roll. However, the fact remains that many people in this market do not care about technology; they only care about money.
Chart for ETC / USD (1W)
Many people seem to be bothered by manipulation. Wherever there is a market there is manipulation. It is difficult to find a market that is not manipulated sometimes. That said, there is some control in place in other markets to prevent such manipulation as to cause irreparable damage to the entire market. For example, consider the number of new but promising cryptocurrency projects that raised funds through ICO. This market crash deprived them of the funds they had raised to work on those projects. The only reason this happened is because those projects chose to bind to the cryptocurrency markets. Ethereum (ETH) has been used by a ton of new companies to raise funds for ICOs.
This resulted in a large inflow of money into Ethereum (ETH) and after these ICOs collect money with Ethereum (ETH), they discharge everything on the open market for legal currency without worrying about its impact on the price of Ethereum (ETH) or the general market . The recent market correction revealed how wrong this fund-raising approach is. As mentioned above, Ethereum Classic (ETC) always considers the long-term effects of these actions. This is why the Ethereum Classic (ETC) team has been discouraged to keep the ICO on the Ethereum Classic (ETC) blockchain. In fact, ETC Cooperative Director, Anthony Lusardi, recently tweeted to personally thank all ICOs for not using the Ethereum Classic (ETC) blockchain.
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