Ethereum Classic Break Below $5.00 Providing Bearish Signals Further Ahead

  • Ethereum classic has broken below the crucial mark of $4.00 providing significant negative signals in the market 
  • The ETC/BTC pair is also performing negative with a loss of -5.44% bringing the current level down to 0.00035644 BTC
Source: coinmarketcap

The weekly price performance chart of Ethereum Classic highlights the gradual negative momentum faced by the price levels which has increased its significance day by day in the market. The ongoing downfall has forced the price level to break below the crucial mark of $5.00 and is currently held on a support price of $4.80. The CMP is placed at $4.82 facing an overall loss of -4.42% resulting in the market capitalization to drop by -2.68% and the 24-hour volume traded to decline by -9.82%. The current support price of $4.80 tends to provide a positive bounce back to the price levels and if the support price is broken below, we may expect another significant downfall in the crypto asset. 

Technical Levels Damaged by the Ongoing Downfall for Ethereum Classic

Source: Tradingview

The technical chart of Ethereum Classic highlights the consolidation faced by the price levels which is eventually followed by a bullish attempt to reclaim the price mark of $6.00 and faced negative reversals. With the emergence of negative sentiment in the overall market conditions, ETC faced severe price damage which was started from the end of the past month and prevailing to date. The price levels have turned and broken below the lower baseline under Bollinger Bands and in a desperate need to recover the levels. 

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The relative strength index (RSI) has formed a falling channel pattern and the levels have reached the depth of the oversold region. The current level stands at 30.47 and showcasing positive nature at the tip. 

The directional movement index (DMI) is also showcasing weakness as -DI (35.41) moves strong and well above ADX (21.96) 

Will The Downfall For Ethereum Classic Be Extended? 

The current support price of $4.80 has the history of providing significant positive bounce back to price levels of Ethereum Classic on previous occasions and the current price levels are looking to sustain above the level as technical levels are started to show signs of recovery. 

Resistance level: $5.20, $5.50 & $6.00

Support level:  $4.80 

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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.

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