Ethereum Classic (ETC) Price Watch: Short-term breakdown, but long-term holding


Key Features of Ethereum Classic Price

  • Ethereum Classic has recently fallen below a short-term uptrend trendline to show that sellers are winning.
  • However, the price is enjoying strong long-term support around $ 13.
  • A rebound on this level could lead to a test of the short-term trend line broken or to the transition to the next area of ​​interest.

The price of Ethereum Classic is struggling to keep its head above the long-term plan recently fell below a short-term trend line.

Technical Indicator Signals

The 100 SMAs have recently passed the 200 long-term SMA to signal an increase in sales pressure. This indicates that the path of least resistance is downward or that the support is more likely to break than is not maintained.

However, RSI is withdrawing from the oversold area to report a bullish pressure return. A bullish divergence is also evident because the RSI has made the lows higher while the price of Ethereum Classic has made the lows lower. Stochastic is also coming out of the oversold area, so the price could follow the example if buyers took control.

The price of Ethereum Classic could be aimed at the broken trend line, which could withstand short-term resistance and align with dynamic points of decline to moving averages. If they keep the gains under control, the price may return to the long-term plan or even break.

ETC / USD Chart of TradingView

Market Factors

The price of Ethereum Classic got a strong impulse from the news of its listing on Coinbase and Robinhood, but the general sentiment in the cryptocurrency sector took over . Traders were disappointed by the SEC's decision to delay the decision on a number of bitcoin ETF applications in September, which means that the industry could be in limbo until then.

With this, further consolidation at these levels of support could be seen in the coming days, unless there are major positive or negative developments.

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