- Ethereum Classic Price has been facing a downward momentum since July 2023.
- The ETC coin trades below the 20, 50, 100, and 200-day EMAs.
- Ethereum Classic trades at $14.858 with a loss of 0.43% during the intraday session.
Ethereum Classic has been facing a rigid downtrend since July 2023, dropping from the high of $23.30. It encouraged the sellers and the price faced strong rejection above $23.30. That triggered negative sentiments and the price dropped down near the $14.00 support level.
The crypto token price reached a high of $23.30, with a sudden spike during the bullish rally in mid-June 2023. The ETC price surged from the low of $12.65, to recover from the prior losses and retest the $23.15 resistance level. However, the bullish rally did not sustain and was halted at the $23.308 resistance level.
After forming solid support at $13.50 on August 17, 2023, the price gained bullish momentum and bounced back to retest the $18.00 resistance level. However, the bullish move failed, and the ETC price was halted at the $17.20 resistance level. Hence, the ETC price fell towards the $14.41 support level.
The Ethereum Classic price is currently hovering near the $14.80 mark, struggling to sustain higher levels as the previous attempts had gone in vain. The recent candle has not witnessed any significant move. It is bearish with a small body. However, if the bearish momentum remains constant, the price might melt and retest the $14.00 support level.
On the contrary, if the Ethereum Classic cryptocurrency attracts more buyers at the $15.00 mark, it might reach the next potential resistance level of $16.70. The current market capitalization of Ethereum Classic is $2.12 Billion at the time of writing.
The Ethereum Classic price is hovering below the 20, 50, 100, and 200-day EMAs, indicating bearish sentiment and prolonged sellers’ dominance in the market. The Chaikin money flow score has jumped above the 0.00 mark and is currently at 0.03, suggesting slight strength and capital inflow in the market.
The relative strength index (RSI) has dropped below the 50-neutral zone and is at 38.31, implying solid bearish involvement in the market. The long-short ratio is 0.9984, with 49.96% longs and 50.04% shorts. That indicates a slightly higher position of sellers in the last 24 hours.
Conclusion
Ethereum Classic’s market structure and price action reveal a rise in sellers’ participation in the market. However, the price showed a slight growth of 0.82% over the past month. The technical parameters favor the selling side, but the current price action reflects a slowdown in the bearish momentum.
Technical Levels
Major resistance: $23.308 and $24.880
Major support: $13.500 and $12.650
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.