Ethereum Classic (ETC), which has seen a 30% drop in its price in two weeks, has been caught in the clutches of bears.
- Ethereum Classic prices down by 30% over the past 2 weeks
- ETC trades at $27.69, as per press time
- ETC’s downturn opens up opportunities for short-term positions
ETC dropped to $33.9 just two weeks ago, and Bitcoin seems to be suffering the same fate. It failed the $19.7k key resistance. In the crypto market, selling pressure is high but has fluctuated.
ETC comes from Ethereum larger and is considered secure. ETC was designed to solve key problems with Ethereum main or larger tokens, such as speed up transactions, lower fees, and other benefits.
In fact, Ethereum Classic has evolved to be one of the most trusted and largest smart contract platforms as it is dubbed to be a valuable long-term investment to beef up and diversify one’s portfolio.
Ethereum Price Pressure
Based on CoinMarketCapETC prices have plunged to 1.01%, or are trading at $27.69 (as of press time).
A bearish bloc is visible at this level, close to $30. ETC will not be bullish if prices rise by 8 percent.
Traders are advised to wait for the price rise before taking any position below the $27-$29 level, which is significantly near the $30.54 support zone.
Chart: TradingView.com
ETC looks bearish judging by its daily and 12-hour timespans. Waves of lower highs or lower lows have been observed over the last few weeks.
ETC traders should keep this in mind and can wait for potential selling opportunities to trade with the trend.
Ethereum Classic’s RSI is below the 50 zone which has also been revisited as a resistance.
The RSI indicates a downward trend. OBV validates the sellers dominating market. Lower highs have been seen over three weeks, suggesting a high volume of sales.
ETC short sellers could make profit between the $26.9 support level and $24.5. An increase in the price above $30.7 can boost a stop loss order.
ETC Social Metrics are down from August 2022
Ethereum Classic experienced its weakest troughs during July. This was especially true for social metrics, which were higher than September’s. Evidently, ETC’s social metrics such as engagement dropped in August. This also led to a drop in price.
On the other hand, the uptick in Ethereum Classic’s development activities in August has improved social metrics for ETC. ETC has begun to recover its social dominance despite falling prices, and that is a great place to begin.
ETC has been downsizing due to the loss of BTC, which is the most powerful cryptocurrency. BTC wallows below the resistance of $19.7.
Bitcoin needs to climb above the $20.7k mark and then turn it in favorably into a support zone. From a technical view, ETC’s vertigo is opening up opportunities for short-term positions.
ETC Total Market Cap at $3.8B on Daily Chart | Source: TradingView.com Featured Image from Forkast Chart: TradingView.com