Ethereum Classic (ETC) Is Taking Dips But The Significant Support Is Preventing Losses 

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.


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