Ethereum Classic (ETC) Price Analysis: The Bullish Gain Of 2020 Vanishes For ETC

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Ethereum classic is facing continuous downfall since mid-Feb, which wiped out the existence of ETC bulls.
  • The ETC/BTC pair is performing poorly negative with the overall loss of -5.96% bringing the level to 0.00076585

ETC
Source: coin360

Ethereum Classic Price Analysis

On the 7day-weekly chart, we can see a gradual downfall, and after breaking the support price of $6 this week, there was a sharp fall which led ETC to the lowest level possible.

After sustaining this heavy downfall, ETC is trying its level best to climb up and made various attempts today. Still, a crucial resistance level of $4.75 is where the bulls are struggling to recover the prices level currently is striving hard to stay above the crucial mark of %4.388 which is a negative sign for ETC holders.

The market capitalization is at $481,970,035 USD with the volume traded of $2,406,909,850 USD . The circulating supply is 116,313,299 ETC.

Ethereum Classic (ETC) Technical Analysis:

ETC moment
Source: tradingview

The technical chart shows that there is a significant downfall in the prices of ETC since mid-February and it reached its lowest level possible today. As ETC bulls run out of steam, there is complete dominance of bears and still have a heavy hold on to it which is a very concerning point for crypto traders regarding the future of ETC. As its mostly suffering from bearish nature.

ETC2
Source: tradingview

The technical indicators and oscillators are showing heavy selling volume with heavy bearish dominance.

The MACD levels are scarcely surviving in the bullish zone and showing major dominance of bearish approach with major selling volume.

The 24hr-RSI had a negative divergence which led ETC to the lowest level possible. It did try to climb up to the normal zone but end up developing a down-trending nature without reaching the average zone.

The 24hr-CCI also sustained heavy damage due to a sharp negative divergence from the normal zone, which led to the lowest level possible. ETC is trying its level best to attain the normal zone again.

Resistance level. 4.75
Support level       4.30

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