Ethereum Classic price to suffer 30% free fall after ETC loses support

    • Ethereum Classic price looks to be stuck in a bull trap. 
    • The ETC downtrend spells more devaluation to come.  
    • Without many supportive elements in the way, the price in ETC could dip to $32.90.

    Ethereum Classic (ETC) price reaction is still stuck in a downtrend as an attempt from bulls to break out of the trend is being met with heavy selling. Price action is reversing back to the downside as buyers are tumbling over one another to get some profit locked in. On the downside, there is not much toward $32.90 as a profit level for those short positions in ETC.

    Ethereum Classic bears have the trend on their side to shoot down every bull in sight

    Ethereum Classic price action is showing some painful unfolding for bulls that have tried to break out of the downtrend dictating price action in ETC for almost two weeks now. Buyers entered a bit wildly into ETC and caught a falling knife around $45. As price action regained some upside toward $50, it now looks as if that upside is becoming a trap for the bulls around $52. Bulls are incapable of pushing prices in ETC beyond that point and look to be stuck now with their profits. As they start to tumble over each other to lock in those profits, price is collapsing as well, and a squeeze against the bulls is in full effect. 

    ETC price is collapsing back to $45, and with the downtrend very much still intact, sellers will have used the $52 handle as an entry point to add even more volume to their short positions. The next leg lower will be below $50.

    ETC/USD daily chart

    With few major obstacles in the way of Ethereum Classic bears, expect a dip toward $33, where sellers certainly will be met with some heavy buying. Around $33 is not only the monthly S2 support level but also a historical level that has held the rally in check at least twice in the past summer. 

    In case buyers would buy in again on a random point, expect more buyers to come in solely when $52 is broken to the upside and price action manages to stay above there. The next leg up would be toward $60 in Ethereum Classic price.


    Like this article? Help us with some feedback by answering this survey:

    Related articles



    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...


    Subscribe to stay updated.