Ethereum Classic price shows strong bearish movement! Will ETC price drop by 20% soon?

The Ethereum Classic price has fallen around 5% in value over the past 24 hours, making it one of the biggest losers in the cryptocurrency industry on the day. Additionally, the market continues to exhibit bearish movements, suggesting strong bearish forces.

The Ethereum Classic price traded in a closed range between $20.32 and $21.94 for a period of time, after which the uptrend gained momentum and the price broke out of the range. However, the rally was short-lived as the price was rejected at $23.45.

The price then traded between $21.94 and $23.45 for about a week. ETC price recorded a valuation correction of approximately 15% as bears outweighed gains.

The price then traded in a consolidated range between $18.77 and $21.94 for a short period of time. The bullish trend gained momentum again, with the price of Ethereum Classic soaring more than 42% in one day.

After experiencing a rejection at $31.23, the price continued to trade in a descending channel pattern, indicating a strong bearish impact on the market.

Will ETC price recover its value?

The Relative Strength Index (RSI) shows a neutral trend, indicating weak buying and selling pressure in the market. Additionally, the average shows a continuous decline, suggesting that there is uncertainty in the future price movement of the coin.

If the market regains value, ETC price will soon test the $29 resistance level. Holding the price at this level would set the stage for Ethereum Classic price to test the higher resistance level of $31.23 in the coming days.

Conversely, if the bears overwhelm the bulls, the price will lose momentum and move lower, testing the support level at $25.04. Moreover, if the bears continue to dominate the market, they will move lower and prepare to test the lower support level of $23.45.