After peaking just below $180.00 last week, the Ethereum Classic price has dropped 48% to its current $93.22. Traders eye the key $100 level.
In a report over the weekend, I asked if the ETC price was vulnerable to a sell-off. The market answered with a resounding yes.
The price continues to grind lower from its April 5th high. Todays -15% drop will only add to the woes of traders that bought into the parabolic move of last week,
This revaluation has seen ETC drop $10 billion market cap in the last week.
ETC vs. ETH
Ethereums’ (ETH) recent rise may be getting more headlines but it pales into insignificance when looking at the Ethereum classic price.
Since the start of 2021 ETH has risen by 449.%, with much of that gain coming in the last few weeks.
In comparison, ETC is up +1536, even after the recent drop. At its high point, it had increased +1873% in 2021.
Ethereum Classic Outlook
Overnight we have seen weakness across the cryptocurrency space. In fact, every crypto asset on my watchlist is bleeding red at the moment.
This broader weakness has not helped to stabilize an already struggling Ethereum classic price.
Bulls may be heartened by the market’s ability to hold a long-term uptrend so far today.
The trend which has been in place from late April is seen on the 2-hour chart at $78.80. This morning’s sharp sell-off pierced the trend as the price traded down to its intraday, $74.11 low.
The Ethereum Classic price has recovered 25% from there, and a close here would suggest that the trend line remains intact….for now.
Traders will be eyeing the $100 level. But for me, I think the top end of the descending channel is more important, and therefore, in my view, only a break of that will reverse the recent bearish run.
A close above the trend at $108 should see the market trade higher towards $130 and the resistance of the May 10th high at $129.70.
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Ethereum Classic Price Chart
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