Ethereum Classic price has fallen again! Is ETC price going to fall again soon?
The cryptocurrency market records a red trading day as top cryptocurrencies undergo significant price corrections. Moreover, the price of Ethereum Classic has lost more than 10% of its value in the last 24 hours, making it one of the highest decliners of the day.
After trading in a closed space between $16.63 and $17.71 for a week, ETC price gained momentum and achieved a breakout. The rally was short-lived as the price was rejected at $18.94 and the price traded sideways for a while thereafter.
As the bulls gained strength, the price broke the resistance level and surged 15% before being rejected at $21.62. The price then started making lower highs and traded in a descending channel pattern.
After trading in a consolidated range between $17.71 and $20 for over two weeks, the bulls regained strength and broke out of the range. ETC price gained 12.5% in value before being rejected at the important resistance level of $23.45, which indicates a strong liquidation point at that level.
The bulls then lost momentum and began trading under bearish influence, recording a value correction of over 13% since the peak.
The technical indicator MACD has a rising red histogram, indicating stronger buying/selling pressure in the market. Additionally, the average shows a sharp decline on the chart, which suggests that the price will continue to experience a correction in value over the next few days.
Will ETC prices rise again?
If the bulls manage to keep the price above the support level of $20, the price could regain momentum and prepare to test the resistance level at $21.62. Additionally, if the bulls maintain the price at this level, the stage will be set for a test of the upper resistance level of $22.50 for the Ethereum Classic price in the coming days.
Conversely, if bears continue to dominate the market, the price will move lower to test the $18.94 support level.
Moreover, if bears continue to dominate the market, ETC price will likely fall further, testing the lower support level of $17.71 by the end of the week.