ETC Price Drops Below $20

ETC price is losing bearish momentum as buyers have started to jump in the market. The bullish rally for Ethereum Classic started at the beginning of 2023 and created a high of $24.95. The price corrected the move, and the high triggered a drop.

ETC price dropped and formed support at $17 by receiving several rejections from the $16 level. The price attempted to retest the highs, but bears shot the price down from $22.50.

Recently, the price has broken a significant support level of $20 and dropped below to create a support at $18. ETC price received a firm rejection from the support level of $17. If bears can break the recent support, there might be a possibility of the price reaching to $17 level, causing a downfall of approximately 5.40%.

While on the other side, bulls have several hurdles and a messy zone to go through for retesting April highs. Buyers need to push the prices above the $20.30 level to witness a clean move to the highs.

Bitcoin rises above $27,000 positively affecting ETC price

Bitcoin price crossed above $27,000, which has boosted the crypto market. The Global Crypto-Currency Market is at $1.16 Trillion, increasing +1.33% in the last 24 hours. The market capitalization of Bitcoin reached $530 Billion as its price increased. The bitcoin rise above $27,000 has helped the coin to gain bullish momentum.

The year-to-date return has come down to 16.95% from approximately 65% over the past four months. ETC still needs to work on gaining attention from investors since the split from Ethereum.

Will Ethereum Classic price lose all gains of year 2023?

Chaikin Money Flow score is 0.12, indicating increased buying strength in the market. The CMF crossed the 0 mark after the price received a rejection from the $17 level. ETC price still trades below 20,50,100, and 200-day EMA, indicating bearish momentum in the price.

Active buyer participation has started in the ETC market; traders might expect the price to gain bullish strength in the upcoming days.

RSI trades at 39.66, suggesting bearish momentum, and might reach an oversold region if bears break the recent support. ETC resides near Bollinger’s lower band and shows signs of pullback and trend reversal. The 20-day SMA might reject the cryptocurrency price as it inhabits near the recent support 0f $20.30, which has turned into resistance.

The longs/shorts ratio is 1.0458, with 51.12% longs and 48.88% shorts, indicating an increased buying position in the last 24 hours. In the past four days, the longs position has increased from 48.36% to 51.12% in the market.

Conclusion:

The buyers have started to jump into the market to protect ETC prices from further downfall. The market structure and price action are slowly turning bullish. The technical indicator shows increased strength in the market.

Technical levels:

Major support: $18 and $17

Major resistance: $20.30 and $22.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.