Ethereum Classic (ETC) Losses Many Crucial Levels In A Single Drastic Fall

Ayush Malviyahttps://www.thecoinrepublic.com/
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.
  • ETC prices are a major problem as it suffered a drastic fall and it loses much support.
  • Prices also broke down the significant price level of $ 5.60 which was holding them and supporting them.
  • ETC is now trying to find a bit of stability against their fall today.
  • ETC/BCH pair is performing negative with a heavy loss of -7.13% bringing the levels to 0.00076521.

Recently ETC trading mostly with variations below the level of $5.30. Prices were at the highest point possible with the motive to acquire the level of $6.00 but after facing some volatility prices suffered a heavy fall. If prices manage to pass this crucial level, there will be a complete bullish sky for them but it all went in the opposite direction.

Currently, ETC prices are searching for strong support of level and price level of $5.25 might be the one. If prices want to cross the crucial level of $5.50 they need to maintain this current price level of $5.25 and develop at the above levels too.  

ETC’s market capitalization is $616,541,863 USD with volume traded of $1,861,521,117 USD and circulating supply of 116,313,299.

Ethereum Classic Price Analysis

etc1
Source:tradingview

In the technical chart, prices are attempting to acquire the price level of $5.50 after a crucial fall, currently, prices are again at a deciding position.

The technical Indicators are not in the favor of ETC prices as they are in bearish momentum with the increase in the selling volume of the cryptocurrency.

The MACD level shows that they are in bearish terms with an increase in the selling volume of the crypto asset and selling volume is developing potential nature to dominate the prices. 

RSI is significantly moving towards the lowest level possible with negative divergence but it did acquire a flat trade and currently moving above the level of 40. 

The 24hr-CCI falls to the lowest point possible again but with the help of some positive trade, it is moving towards the normal region.

Resistance Level: $ 5.50
Support Level: $ 5.25

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