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Ethereum Classic (ETC) drops 30% – more pain to come?

Ethereum Classic (ETC) drops 30% - more pain to come?

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Ethereum Classic (ETC) is in the predicament of the bears: the coin has lost up to 30% in the last two weeks.

Buy ETC at eToro now

  • Ethereum Classic: The price has fallen 30% in the last two weeks
  • ETC is trading at $27.69 at press time
  • ETC’s downturn creates opportunities for short-term positions

ETC fell below the $33.9 zone just under two weeks ago. It seems that bitcoin is suffering the same fate as it failed to clear the key $19.7ka resistance. Selling pressure in the crypto market is high at times.

Notice

ETC evolved from Ethereum as we know it today, it is considered to be largely secure. Because: The coin is designed to overcome the main problems of the larger token Ethereum – especially in terms of increasing speed and reducing fees.

In fact, Ethereum Classic has emerged as one of the most trusted and largest smart contract platforms, considered by some analysts as a valuable long-term investment to grow and diversify one’s portfolio.

Ethereum Classic price sees bearish pressure

According to CoinMarketCap, the ETC price is down 1.01% and is trading at $27.69 at press time.

At this point, a bearish block is seen near the $30 level. An 8% gain would invalidate ETC’s bearish outlook.

Traders should wait for a bounce before entering a short position in the $27-$29 range, which is well positioned near $30.54 – the key support zone.


Chart: TradingView.com

ETC is mostly looking at the daily and 12 hour charts with waves of lower highs and lows seen over the past few weeks.

With this in mind, ETC traders can act in tune with this trend and wait for potential selling opportunities.

Ethereum Classic RSI is below the 50 zone, which was also considered as resistance.

Therefore, the RSI is declining. The OBV also confirms that they are the biggest sellers in the market. The low highs seen for about three weeks indicate a large volume of selling.

In this trend, ETC short sellers can take profits around the key support levels of $26.9 and $24.5. A jump above the $30.7 zone may trigger a stop-loss order.

ETC’s Social Metrics have been declining since August 2022

Ethereum Classic had its strong bottoms in July. Especially in terms of social metrics, which are up compared to the September numbers. ETC’s social metrics, such as engagement, have clearly declined since August. This also triggered a fall in prices.

On the other hand, the increase in Ethereum Classic development activity in August improved ETC’s social metrics. Despite the drop in price, ETC is recovering in terms of social dominance. A good start.

ETC’s fall is suspected to be the cause of BTC’s bleeding as the king of cryptocurrencies teeters below key resistance at $19.7.

To recover, bitcoin must scale above the $20.7 zone and then freely flip to a support area. From a technical perspective, the price action of ETC opens up opportunities for short-term positions.

Buy ETC at eToro now

Text credit: Newsbtc

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