Ethereum Classic (ETC) shed 30% in the last 2 weeks – more pain to come?

Ethereum Classic (ETC) has been in bears grip as it has soared up to 30% in the past two weeks.

• The price of Ethereum Classic has fallen by 30% in the past two weeks
• ETC is trading at $27.69 as of the time of writing
• ETC pullback opens opportunities for short-term trades

ETC fell below $33.9 about two weeks ago and Bitcoin appears to suffer the same fate as it failed to break above the key resistance of $19.7K. Selling pressure has been intermittently high in the cryptocurrency market.

Coming from the larger Ethereum, ETC is mostly seen as safe because it is designed to mitigate the major issues you have with the larger or major Ethereum token, especially in line with the speed amplification and the lowering of fees.

In fact, Ethereum Classic has evolved into one of the most reliable and largest smart contract platforms as it is called as a long-term investment to enhance and diversify one’s portfolio.

Ethereum Classic Price Sees Downward Pressure

according to CoinMarketCapETC is down 1.01% or trading at $27.69 as of press time.

At this point, we see a descending block near the $30 level. A rally of 8% will prove to invalidate the bearish expectations for ETC.

Traders should wait for some time for the price to rise before entering any short position at the $27-$29 range, which is very close to $30.54, the key support area.

Chart: TradingView.com

Judging from the daily and 12-hour time frames, ETC looks mostly bearish with waves of lower tops and lower troughs observed in the past two weeks.

With this in mind, ETC traders can trade in sync with this trend and wait for any selling opportunities.

The Ethereum Classic RSI is below the 50 area which has also been revisited as resistance.

Hence, the RSI is depicting a downtrend. OBV also confirms that sellers are in control of the market with lower highs seen for three weeks now, indicating higher selling volume.

With this trend, ETC short sellers can take profits somewhere along the key support levels of $26.9 and $24.5. Now, a jump above the $30.7 area can inject a stop loss order.

ETC social metrics have fallen since August 2022

Ethereum Classic saw its strongest decline in July, especially in terms of social metrics which are higher compared to the September numbers. Apparently, ETC social metrics such as engagement have fallen since August, which has also led to a drop in prices.

On the other hand, a sharp rise in Ethereum Classic development activity in August led to an improvement in ETC’s social metrics. Despite the price drop, ETC is recovering in terms of social dominance and is a good place to start.

The downturn in ETC is said to be caused by BTC bleeding as the crypto king plunges below the key resistance of $19.7.

In order to recover, Bitcoin will have to rise above $20.7K and then turn positively into a support zone. Technically speaking, an ETC spinner opens opportunities for short-term trades.

ETC total market cap at $3.8 billion on the daily chart | Source: TradingView.com

Featured image from Forkast, Chart: TradingView.com

from San Jose News Bulletin https://sjnewsbulletin.com/ethereum-classic-etc-shed-30-in-the-last-2-weeks-more-pain-to-come/