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- 1 Ethereum Classic Price down by 13% on a weekly basis and formed a bearish double top pattern
- 2 ETC price rejected 200 day EMA and also slipped below the 50 day EMA
- 3 The pair of ETC/BTC is trading at 0.000839
Ethereum Classic Price fell below the important support level of $20.00 and down by 13% on the weekly basis. ETC price is forming a double top bearish pattern and due to negative sentiment in the overall cryptocurrency market ETC crypto price has broken down the neckline support which invited further decline.
Ethereum classic price is trading at $17.09 with an intraday loss of 0.35% and 24 hours volume to market cap ratio stood at 0.0548. At the beginning of January, ETC price took a U-turn from the demand zone and managed to climb above the 50 day EMA which turned the short term trend in favor of the bulls. Later, ETC crypto price gained momentum and started rising upward by forming fresh higher high candles. However, the rally took a halt at $24.00 and a downward sloping 200 day EMA turned out to be a strong hurdle level for the bullish traders.
Ethereum Classic price consolidated for a few weeks in the narrow range between $20.00 to $24.00 and bulls tried multiple times to break out of the $24.00 hurdle but unfortunately it got rejected and started to decline. Presently, ETC price has again slipped below the 50 day EMA which reversed the trend in a downward direction.
Ethereum Classic Price : Technical Outlook
Ethereum Classic Price is approaching toward the demand zone of $15.00 which will act as an immediate support and if market sentiment improves then we might see upside pullback from support mentioned below. However, if the situation gets worse and declines continue, then the bears may try to test the 52 week low at 12.53. The technical indicators of ETC cryptocurrency like MACD had generated a negative crossover and histogram bar is on a declining phase indicating the strength of bears. On the other hand, the Relative strength index is at 27 denotes that the ETC price has entered into oversold zone.
Conclusion
Ethereum Classic Price is down by 13% on a weekly basis and formed a bearish double top pattern. ETC price has also broken down its lower range support of $20.00 which invited the further decline. However, The technical analysis suggests ETC crypto is approaching the demand zone of $15.00 which might act as an important support for the bulls.
Technical levels
Resistance levels : $20.00 and $24.00
Support levels : $15.00 and $12.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
