- The ETC price is trying to approach the upper trendline, if it faces rejection again, this time it could slide even further.
- At press time, it was trading at $20 with an intraday gain of 2.60%.
Ethereum Classic (ETC) is a split version of Ethereum (ETH). It started in 2016. The main features of ETC are smart contract networks that can host and support decentralized applications (dApps).
ETC is the native currency of Ethereum Classic. Since its start, ETC has tried to differentiate it from Ethereum. The technical plans of both networks are likely to separate more with time.
It was first made to protect the original Ethereum blockchain and stop its hacking. A previous hacking event led to the loss of 3.6 Million ETH.
In fact, Ethereum Classic is the old chain of Ethereum. So, the makers or developers of the Ethereum Classic are the same as the first Ethereum developers. Vitalik Buterin and Gavin Wood are the developers of Ethereum Classic too.
It is the result of conflict between participants about the reversal of blockchain to undo the effects of the big hack. This hack affected the DAO, which had collected about $150 Million in an ICO several months before.
ETC emerged as the network that did not change the chain. Developers say that there is no official team for the ETC project. Its global development community is open.
ETC Crypto Chart Analysis on Daily Time Frame
The Ethereum Classic crypto asset is expressing bearish behavior and has the opportunity to fall further. It performed poorly last week, highlighting a stable downward as it plummeted by 1.33%.
On a further note, the current price was at $20 with an intraday gain of 2.60%.The ETC price is trying to approach the upper trendline. If it faces rejection again, it could slide further.
However, the Ethereum Classic crypto demonstrated a sign of decline as the price has been in a declining channel on the chart. The ETC crypto is headed for a steep drop, as it meets the resistance level and falls to new bottoms from the current support zone.
Therefore, if the ETC crypto price fails to stay above the $19 level, it could decline further.
On the flip side, if it manages to cross the resisting trendline of the parallel channel, then the buyer’s demand could take the price higher as well. Then, the next goal for the ETC would be $22.
The ETC asset is bearish and has more room to fall as it drops below the major 20-day EMA. Furthermore, if it stays below 20-day EMA for a prolonged period, the Ethereum Classic price could possibly slide even further.
The ETC asset is in a strong downtrend and the RSI and MACD shows no signs of oversold conditions, suggesting that the asset has more room to fall.
Summary
The ETC price is trying to approach the upper trendline, if it faces rejection again, this time it could slide even further.
The ETC crypto is headed for a steep drop, as it meets the resistance level and falls to new bottoms from the current support zone.
Therefore, if the ETC crypto price fails to stay above the $20 level, it could decline further.
Technical Levels
Support Levels: $19
Resistance Levels: $22
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.