ETC suffered a loss of 5% over the past 24 hours. The Ethereum Classic coin has continued its fall on longer time frames since the July spike.
Ethereum Classic bears were unable to withstand the selling pressure after the fork attempted to maintain a price above the $27 support line.
ETC trades at $23.08 as of the writing. This is a 16 percent decrease in value over the past seven days according to data from Coingecko, Saturday.
Although Proof-of-Stake has rendered Ethereum’s mining obsolete, renewed interest in the coin has resulted from the Merge. Since the Merge’s public release, the hashrate has increased.
However, ETC’s long-term prospects remain bleak as weekly, biweekly, and monthly time periods are all in the red.
Ethereum Classic is expected to follow every move made by ETH Classic, with a present value of 0.80 between Ethereum Classic and the hard fork. These data indicate a positive increase.
Ethereum: A Technical Analysis
ETC’s price fluctuated between $20.73 to $31.13. Since September 19, ETC prices have varied from $21.93 and $41.93 respectively. The coin’s current moving average (CMF) is currently -0.09, which indicates that bears are gaining dominance.
Nevertheless, Stoch RSI has entered the oversold zone, providing excellent opportunities for both traders and investors to buy.
A possible trend change is evident by the rising bull-bear power indicator. However, the Bollinger band’s central line is exerting greater downward pressure on the coin.
A dynamic barrier is also provided by the 20-day-to-100-day exponential moving averages, (EMAs), which make a rebound possible.
ETC: Possible Recuperation
Even though it may be difficult to achieve a price reverse, bulls will still be able to maintain the $23 support level. They can use this as a platform to test the $27 resistance. Traders, investors and traders can use the Stoch RSI numbers.
Like we said, the Stoch RSI was in the top half that is oversold. This means that the currency is currently undervalued, making it extremely affordable to purchase. Investors and speculators can buy ETC at current market prices with a $18.76 loss limit.
But this comes at a high risk since other indicators suggest a pessimistic short- and longer-term outlook for ETC. However, if bulls maintain their $23 support line October would be a good place to begin a climb towards $29.71. In the coming days and weeks, we expect a bullish or bearish price movement.
ETC Total Market Cap at 3.17Billion On the Daily Chart | Featured image from Investing.com, Chart: TradingView.com
Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.