- Ethereum Classic coin is trading lower under the strong selling pressure.
- Bears aim to drag crypto price lower until it retests the lower-band Bollinger Band indicator.
- The 2022 low is not far below the current price of ETC, and might be retested again.
The Ethereum Classic coin price frequently gets higher price rejections in each rise. ETC speculators follow the selling on rise technique since its all-time high. This strong bearish trend drove the crypto price towards its 2022 lowest level of $12.47. Bears hit this level on 18 June, which became the yearly bottom, and remains to be retested by sellers so far.
Ethereum Classic on Weekly Price Chart
On the weekly price chart, Ethereum Classic coin is remaining below the long-term bearish trendline, existing from September 2022. This long-term selling point provided a price drop several times and still bulls have to struggle a lot to overcome selling pressure. Amid lower-highs price trend, ETC crypto fell below the mid band of bollinger band indicator, which was the biggest drawback buyers.
This year buyers witnessed the latest 52 weeks low close to the conceptual round level of $10. Bears are aiming to hit this support level soon. While the ETC price is trading at $18.02 mark at the time of writing. Buyers have lost the vital support level of $20 amid continued selling. Market capitalization seems slightly up by 1.60% at $2.49 Billion in the last 24 hours.
ETC on Daily Price Scale
Over the daily time frame, ETC price is hovering below the 20 day moving average (white). This will be the immediate resistance level for Ethereum Classic investors. Stoch RSI indicator falls to move above oversold zone, and both moving lines are headed towards this level. ADX is increasing higher and suggesting the strength in bearish trend.
Conclusion
The Ethereum Classic coin is just below the $20 resistance level. More selling is likely ahead because resistance is not far from the current price. Stoch RSI indicators also favor the bear as its moving lines headed towards the oversold zone.
Support level – $15 and $10
Resistance level – $20 and $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.
Source: https://www.thecoinrepublic.com/2022/11/22/ethereum-classic-coin-lose-20-support-level-will-it-act-like-resistance/