August 12, 2022

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Ethereum Classic, like most alts within the crypto environment, has maintained a long-term downside on its charts. Meanwhile, February- March sessions had prices breaking ETC’s long-term pessimistic market structure, following upswings towards the high of $52. Nevertheless, early April had the token nosediving on the charts. That followed Bitcoin’s crashing from the resistance zones at around $47K.

Ethereum Classic 12Hr Timeframe

May 12 saw Ethereum Classic plummeting to $16 from $20 before rebounding to $21 on May 13. That marked the value area at $16 – $18 as a massive demand territory. This region helped ETC’s enormous bounce.

May-end sessions saw ETC price rallying higher, hitting the resistance at $25.3. Yet, this upswing didn’t signal trend reversals. It added fuel to the downside fire. One week into June had the alt testing the support at $21.6 and gave way soon.

Ethereum Classic price printed various lower peaks over the recent weeks, forming one near $17.7. That had it confirming $16 – $18 as a crucial resistance that suggested further downside for ETC. Meanwhile, the 21-period Simple Moving Average created a bearish cross below the 55-day Simple Moving Average a few weeks ago, highlighting amplified bearish momentum.

Reasoning

The 12hr chart Relative Strength Index has battled to steady beyond the neutral-50. Each move beyond this mark within the last two months was an unimpressed adventure. Moreover, the indicator remained primed for southward movements. That confirmed dominant bearish trends in recent months.

Moreover, the on-balance volume couldn’t push higher, making multiple lower peaks like ETC price. That confirmed massive selling pressure plus the absence of enormous demand for downtrend reversal. The CMF (Chaikin Money Flow) has remained beyond the +0.05 recently, indicating an influx of substantial capital into the marketplace. Nevertheless, it also resorted to Southside by June 29.

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Final Thought

With ETC’s reaction in its price charts, investors might expect another downward move from the altcoin. Selling strength heightened again, and momentum stayed pessimistic on the higher charts. The coming weeks might see ETC testing the $13.6, then $10.4 as support.

Stay around for upcoming developments in the crypto space.


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