Ethereum Classic Sustaining At Lower Levels, Can It Skyrocket?

• ECH belongs to Layer 1 category crypto on which secondary blockchain networks are built.
• The price of the crypto is sustaining at the lower levels.

Ethereum Classic (ETC) is a decentralized blockchain platform that came into existence through a contentious hard fork from the Ethereum (ETH) network in July 2016. ETC upholds the foundational principles of the original Ethereum blockchain, emphasizing its commitment to immutability and resistance to modifications that were introduced to retrieve funds lost in the well-known DAO incident.

The derivative trading volume of the ETC coin has declined by 40.73% in the last 24 hours following a decline of 5.46% in open interest of the crypto which indicates the losing interest of the traders on the crypto. The long/short ratio of the coin is 0.9444 and the coin has faced a long liquidation of $171.21K in the last 24 hours.

The crypto is facing a decline of 0.71% in its market cap resulting in $2.22B in the last 24 hours and the spot volume has also highly declined by 53.78%. The current volume/market cap ratio of the share is 2.73% and the circulating supply of the coin is 143.04M ETC and the max supply of the coin is 210.70M ETC.

ETC Price Technical Analysis 

As of the present date, ETC’s market activity is confined within the boundaries of the descending triangle pattern. The price has notably established a series of lower highs, indicating the prevailing influence of sellers in the market dynamics. Simultaneously, the cryptocurrency is encountering a level of support situated around $14.00, signifying the emergence of buyers who appear inclined to enter the market at these particular levels.

The crypto market is currently displaying a Death Cross as it trades below both the 50-day and the 200-day Exponential Moving Average. This signals a robust bearish sentiment, indicating that sellers are in control and could potentially drive the price to lower levels.

The RSI of the share has experienced a notable drop from elevated levels, and the RSI of the crypto has consistently stayed below the 50 level, signaling weakness and negative momentum in the market. This implies a bearish sentiment with the possibility of further downside movement.

Ethereum Classic Activity Analysis

The ETC coin has displayed negligible expansion in its network, and notably, there have been no substantial transactions recorded within the cryptocurrency for an extended period, signaling a bearish indication.

Conclusion

The price of the ETC crypto is trading in a downtrend following a bearish market structure making lower highs and forming a descending triangle pattern and the price is still trading inside the same currently taking support at the same.

Technical Levels 

• Support level for the ETC crypto are: $12.50 and $14.70
• Resistance level for the ETC crypto are: $21.50 and $24.00

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.