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- 1 Ethereum Classic price (ETC) slid 0.16% in the past 24 hours and is currently trading at $15.57.
- 2 The daily chart shows that the Ethereum Classic price fell below the 50-day EMA.
- 3 ETC price suffered rejection from the upper boundary of a descending channel pattern and declined.
Ethereum Classic price witnessed a bearish outlook in the short term after the price suffered rejection from the upper boundary of the descending parallel channel pattern. The ETC price is on a losing streak of five days and has slipped below the 50-day EMA.
The ETC daily chart shows that the price trend favored the bears since the price fell below the 200-day EMA after a short-term surge in mid-June 2023. The ETC crypto price declined, wiping out the gains.
The technical indicators suggest that the Ethereum Classic price fell below the 50-day and 200-day EMAs indicating weakness on the ETC price chart. The EMAs acted as a dynamic resistance to the ETC crypto pushing back the price after every attempt to surge upwards.
Ethereum Classic is the original Ethereum blockchain that did not undo the DAO hack. It attracted those who opposed Ethereum’s decision and even investors like Barry Silbert.
Ethereum Classic Price Forms Declining Channel Pattern
The Ethereum Classic price is currently trading at $15.57 with an intraday gain of 0.16%. The ETC price has recently suffered rejection from the upper trendline of the declining channel and is currently headed toward the lower levels.
The price may decline to the lower levels if it continues to receive selling volumes from the upper levels. However, the price is near a recent swing low wherein bulls may try to take over. However, it requires more buying volume to accumulate at the lower levels in order to shift the trend.
Technical Indicators Show Pessimistic Signals for ETC
MACD lines are showing a bearish crossover. The histogram bars are formed above the mean line of decreasing height, indicating the buyer’s momentum is fading and the price might decline to the lower levels.
The EMA analysis shows that the ETC price could not sustain above the 50-day EMA indicating the dominance of sellers at the upper levels and the ETC price may decline. The ETC price trades below the 200-day EMA indicating a long-term bearish trend prevailed.
Conclusion
Ethereum Classic price is in a downtrend and below the 50-day and 200-day EMAs. The price faces resistance from the upper boundary of the descending channel and may fall to the lower levels. Ethereum Classic is the original Ethereum blockchain that did not reverse the DAO hack. It uses Proof-of-Work mining and works on scaling solutions. The price is currently $15.57 with a slight gain. The price needs more buying volume to change the trend.
Technical Levels
- Support Levels: $13.96 and $13.26
- Resistance Levels: $16.43 and $18.22
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
