ETC’s value has decreased by 5% in the past day. Since the spike in July, the Ethereum Classic coin has continued to fall over longer periods of time.
After the fork attempted to keep the price above the $27 support line, the bears who were in charge of Ethereum Classic were unable to withstand the selling pressure.
According to Coingecko data from Saturday, ETC is currently trading at $23.08, down 16% in the past seven days.
The Merge has rekindled interest in Ethereum, despite the fact that Proof-of-Stake has rendered mining obsolete.The hashrate increased on the day the Merge was made public.
However, with weekly, biweekly, and monthly time periods all in the red, ETC’s long-term prospects remain dim.
The fact that Ethereum Classic has a present value of 0.80 compared to its hard fork indicates that it will enthusiastically follow ETH wherever it goes. The data indicate a positive growth.
Ethereum Classic:Analyse of the Technical
The price of ETC has ranged between $20.73 and $31.13 since September 19th.The coin’s current moving average (CMF) is -0.09, indicating a rise in bearish sentiment.
However, the Stoch RSI is in the oversold region, making it a great time to buy for traders and investors.
The bull-bear power indicator’s rising trend suggests a possible trend reversal.However, the central line of the Bollinger band is putting more downward pressure on the coin.
The token’s dynamic barrier of the 20-day to 100-day exponential moving averages (EMAs) makes a rebound possible.
ETC: Possibility of Recovery?
Bulls still have a chance to defend the $23 support level, despite the difficulty of producing a price reversal. They can use this as a starting point to try the $27 resistance level. Dealers and financial backers can likewise use the Stoch RSI numbers.
The bottom half of the Stoch RSI is oversold, as previously stated. This suggests that the coin is currently cheap to buy and undervalued.Investors and speculators can purchase ETC with a loss stop of $18.76 at the current market price.
However, other indicators point to a pessimistic short- and long-term outlook for ETC, so this poses a significant risk. However, October will be an excellent starting point for a subsequent rise to $29.71 if the bulls are able to maintain the $23 support line.In the coming days and weeks, we anticipate a significant move in either the bearish or bullish direction.
