Ethereum Classic (ETC) has been in the clutches of the bears as it has shed up to 30% over the past two weeks.
- Ethereum Classic price has fallen by 30% in the last two weeks
- ETC is trading at $27.69 at press time
- ETC’s downturn opens up opportunities for short-term positions
ETC broke below the $33.9 zone just under two weeks ago and it appears that bitcoin is suffering the same fate as it failed to clear the key $19.7k resistance. Selling pressure in the crypto market has been high at times.
Coming from the larger Ethereum, ETC is mostly considered safe as it is designed to mitigate key issues occurring with the larger or main token Ethereum, particularly in line with increasing speeds and lowering fees.
In fact, Ethereum Classic has become one of the most trusted and largest smart contract platforms as it is said to be a valuable long-term investment to add value and diversify one’s portfolio.
Ethereum Classic price sees bearish pressure
Accordingly CoinMarketCapETC price is down 1.01% or is trading at $27.69 at press time.
At this point, a bearish block is seen near the $30 level. An 8% gain will invalidate ETC’s bearish outlook.
Traders should wait a while for a price jump before going short in the $27-$29 range, which is well near $30.54, the key support zone.
Chart: TradingView.com
Measured on the daily and 12-hour time frames, ETC is looking mostly bearish with waves of lower highs and lower lows seen over the past few weeks.
With this in mind, ETC traders can trade in sync with this trend and wait for selling opportunities.
Ethereum Classic’s RSI is lying below the 50 zone, which has also been revisited as resistance.
Therefore, the RSI is showing a downtrend. OBV also confirms that sellers are dominating the market, with the lower highs for about three weeks so far suggesting high selling volume.
With this trend, ETC short sellers can take profits anywhere along the key $26.9 and $24.5 support levels. Now, a break above the $30.7 zone can inflate a stop-loss order.
ETC social metrics down since August 2022
Ethereum Classic had its strongest lows in July, especially in terms of social metrics, which are higher compared to the September numbers. Apparently, ETC’s social metrics like engagement have fallen since August, which also triggered a price drop.
On the other hand, the surge in Ethereum Classic development activity in August improved the social metrics for ETC. Despite the drop in price, ETC is recovering in terms of social dominance, which is a good place to start.
ETC’s downturn is said to have been caused by BTC bleeding as the king of cryptocurrencies wallows below the key $19.7 resistance.
To recover, bitcoin needs to scale above the $20.7k zone and then flip it favorably into a support zone. From a technical perspective, ETC’s dizziness opens up opportunities for short-term positions.
ETC Total Market Cap at $3.8B on the Daily Chart | Source: TradingView.com Featured Image from Forkast, Chart: TradingView.com
Source: NewsBTC.com
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