•ETC/USD is currently priced at $21.24 and has decreased by 9.00% over the past day
•The trading volumes have increased by 22.46% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Ethereum Classic Price shows signs of vulnerability
The Ethereum Classic price today is $21.24 USD with a 24-hour trading volume of $331,476,193 USD. Ethereum Classic is down 9.00% in the last 24 hours. The trading volumes have increased over the past day as a result of increased selling activity whereas the Volume to Market Cap Ratio stands at 0.1154 for the asset.
Ethereum Classic reached its all-time high of $176.16 on May 06, 2021, but a series of corrections since then has wiped off a significant portion of its value. Currently, the asset is stuck in a downtrend. The Ethereum Classic Price is maintaining a notable descending trend for the past many days as the recent plunge has dragged the price much lower beyond the support levels. The next support level for the asset resides at $20. The crucial 20,50 SMAs showcase a bearish alignment with the downtrend, with Ethereum Classic price transacting below them on the four-hour chart. On the flip side, the resistance for the altcoin is placed at $25 which the bulls will need to tend to.
Long Term View for Ethereum Classic Price
The RSI slope for Ethereum Classic is displaying a downtrend as it currently transacts at 42.15. The RSI line has fallen below the 14-day average line as the asset is showing a lack of bullish attempt to exit the territory. Hence, with increasing selling pressure, the RSI showcases a solid bear trend in action. The MACD and signal lines show a falling trend in a bearish alignment, diving deeper into the negative territory. Moreover, the green histograms are struggling to gain traction at the current price levels as well, which comes off as a positive piece of news for the Ethereum Classic bears.
Conclusion
The technical indicators for Ethereum Classic are extremely bearish for the near term and hence a huge plunge may be imminent after a minor jump in the past week.
Support: $20-$15
Resistance: $25-$30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.