Ethereum Classic (ETC) recently declined beneath an ascending trendline to signal that sellers are in control. Nevertheless, the value of the digital currency is strongly supported at the long-term floor close to the $13 mark. The value of Ethereum is presently struggling to hold its head over the long-term floor as it recently declined below a short-term trendline.
Ethereum Classic (ETC) Price Today – ETC / USD
At the time of writing, Ethereum Classic (ETC) is trading at $13.4 after an increase of about 0.2 percent over the past twenty-four hours. The current market of the digital currency is $1.38 billion with a trading volume of $189.97 billion over the past twenty-four hours.
Ethereum Classic (ETC) Technical Analysis
The 200-hourly simple moving average recently crossed over the 100-hourly simple moving average to show a sign of upward movement in selling pressure. This signals that the path least resistance if heading south or that support will break rather than hold.
Nevertheless, the relative strength index is moving upwards from the oversold territory to indicate a return in bullish pressure. A bullish deviation has also seen the relative strength index made higher lows while Ethereum Classic (ETC) made lower lows.
The stochastic oscillator is also heading out of the oversold level so the value of the coin might follow suit if buyers show up and take over. The value of the digital currency could aim for the broken trendline, which might serve as a short-term hurdle. If these keep gains in check, the value of the coin could return to the long-term floor.
The Catalyst of Ethereum Classic (ETC)
The value of Ethereum Classic (ETC) increased considerably as a result of the news of its listing on Robinhood and Coinbase. Nevertheless, the value of the coin was brought down by the general sentiment in the digital currency space. The recent decline in the values of digital currencies in the market has been likened to the decision of the SEC to delay their ruling on ETF applications for Bitcoin to September, and the industry could be in limbo until then.