Ethereum Merge: Has the Ethereum Classic Lost Supporters Since the Merge?
- The price of Ethereum Classic no longer gets backing from the 8-day exponential and 21-day simple moving averages.
- There has been a spike in activity at the ETC price even as the price has fallen.
- A rise above the $42.50 swing high would render the bearish thesis invalid.
There may be a precipitous drop in Ethereum Classic pricing with $22.50 as the aim. It’s clear that this is a pivotal stage.
The Price of Ethereum Classic is Falling
The price of Ethereum Classic may fall by as much as 25% soon. Bears have broken over the 8-day exponential moving average and the 21-day simple moving average. While the breach was happening, the market experienced a dramatic increase in volume.
Many investors expect the ETC price to grow as a result of the Ethereum Merge, therefore the technicals may come as a shock to them. However, the indicators show that the swing low around $30.50 is likely going to break down as support.
As of this writing, the going rate for Ethereum Classic auctions is $31.94. Although investors may be hoping for a 5th wave up to counteract the summer rally, smaller time frames suggest that the ETC may have already shortened. The latest September high near $44 was rejected on the daily level at a significant barrier on the Relative Strength Index.
If buyers can push prices over the $44 swing high, the bearish case will be demolished. This would allow them to print another impulsive wave aimed at the $62 congested zone in the spring. If this were to happen, the price of Ethereum Classic would grow by 90% from where it is right now.
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