Ethereum classic has toyed with both the bulls and bears in today’s trading session. However, the crypto is currently up by less than a percentage point.
Why is Ethereum Classic Going Down?
Looking at the past few months, Ethereum Classic has been consistently going down. This month, Ethereum Classic (ETC) is already down 9 per cent. The year-to-date data also shows that ETC is down by 36 per cent.
Part of the reason why the current price of Ethereum Classic has continued to plummet in the markets is due to market factors such as the recent cryptocurrency crash. ETC is also highly positively correlated with Ethereum, which has performed poorly in the markets for the past few months.
ETC’s trading volume has also dropped by 16% in the last 24 hours, totalling $266 million. Such a massive drop can result in price drops, and there is a high likelihood that the current lack of momentum may be a result of the low trading volume.
Price Prediction for Ethereum Classic
Ethereum Classic is up by less than a percentage point. Throughout the session, the prices have struggled with momentum, as can be seen with the current low performance in the markets. Using the chart below, we can see that prices have traded sideways for the past eight days. We can also see that prices have alternated between bulls and bears in each of these trading sessions.
Today’s price increase, though lacking momentum, will see ETC slightly recover from yesterday’s strong bear market. Based on the past few days’ price action, I expect tomorrow’s trading session to continue with the sideways trend. This will mean a bear market tomorrow if today’s trend closes with a net price gain.
However, if the prices trade below the $20.8 price level, then it will mean a new bearish trend. It will also invalidate my sideways price analysis. Prices trading above $24 will also invalidate my sideways market analysis and result in a bullish move.
Ethereum Classic Daily Chart
