•ETC/USD is currently priced at $33.95 and has decreased by 12.01% over the past day
•The trading volumes have increased by 71.73% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Ethereum Classic Price suffers as buyers retreat from the market
The Ethereum Classic price today is $33.95 USD with a 24-hour trading volume of $2,116,391,889 USD. Ethereum Classic is down 12.01% in the last 24 hours. The trading volumes have increased manifolds over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.4568 for the altcoin.
Ethereum Classic has taken quite a damaging hit today from the recent upheaval across the entire cryptocurrency market. This is demonstrated by the Ethereum Classic price transacting below the 20,50 SMA on the four-hour chart. The asset is currently embroiled in a slugfest and the technical indicators suggest a correction is on the horizon which could take the Ethereum Classic price below the support level placed at $30. Inevitably so, a breach below the said support could trigger a correction moving towards the $25 mark. On the flip side, the resistance for the altcoin is placed at $40 in the event of a trend reversal.
Long Term View for Ethereum Classic
Ethereum Classic price has been in a downtrend for the past several weeks apart from the one instance when bulls tried to stage a comeback in the preceding week. However, those bullish efforts were duly quashed by the bears as the asset has maintained the status quo. The increasing size of the red histograms points to huge selling pressure prevailing in the market whereas the MACD and signal lines also appear to be exhausted as they head towards the negative territory. The RSI has also fallen below the halfway mark and is currently transacting at 46.35.
The technical indicators for Ethereum Classic are painting a bearish picture for the near term as the bulls’ efforts have fallen by the wayside. The buyers really need to step up as otherwise, they will lose control of the price again.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.