The price of Ethereum Classic didn’t enjoy the bullish run for too long as it started moving downside a few hours ago all the way from the initial $11.80 high it reached during the rally. A significant bearish trend line at $11.10 resistance was formed and the price kept falling until it found supports at $10.80 and $10.70. It isn’t just falling against the USD but it is also falling against Bitcoin.
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Yesterday, the cryptocurrency market got a bearish boost. During this wave, the price of Ethereum Classic moved as high as $11.80. After it reached this mark, the bulls seemed to have run out of steam and the price crashed below the support levels at $11.00 and $11.50. It fell as low as $10.40 before the bulls attempted another come back that took the price of ETC back to the $11.40. This morning, it moved below the support at $11.20 and below the 100 hourly SMA.
The bearish pressure pushed the price of Ethereum Classic towards the 50% Fib level of the last rise from $10.38 to $11.36. The good thing is that the support at $10.80 prevented more decline. The next significant support after $10.80 is going to be at $10.75. This resistance also falls in the same trend as the 61.8% Fib level of the last rise from $10.38 to $11.36. Breaking below the support at $10.70 may push the price back to the $10.40 support level. The only way an uptrend will resume is if the price breaks the $11.10 resistance against the USD. This is according to the price analysis of Aayush Jindal on NewsBtc.
Ethereum Classic Price Now
At the time of writing, Ethereum Classic was trading at $10.91. This shows a 0.55% fall against the USD and a 0.66% fall against Bitcoin. The 24 hour trading volume is $155,986,505 while the total market capitalization is $1,143,604,111 according to the data on CoinMarketCapital. The next few days of trading will determine if the price action will change or not.