Ethereum Classic price analysis: ETC/USD drops 5% on high trading volumes
|- Ethereum Classic is the worst performer of the cryptocurrency universe.
- ETC/USD is testing waters below 50% Fibonacci retracement level.
The bottom has dropped out of Ethereum Classic.The coin has been declining steadily and lost over 46% of its value since the latest peak 44.00 reached on February 20.
Tuesday's recovery attempts turned out to be futile as the fresh selling interest forced ETC/USD to retreat to the support levels. Ethereum Classic is trading at the lowest level since February 11 - 23.35 at the time of writing - and the downside momentum is very strong as it coincides with the spike of trading volumes.
Ethereum Classic technical picture
ETC/USD is moving below 50% Fibonacci retracement level at $24.00. If the breach is confirmed the sell-off will gather pace and take the ETC price towards $21.00 (February 11 low). ETC/USD is deeply below both100-DMA and 50-DMA, which darkens the technical picture. The bulls need to take the coin back above $24.00 as soon as possible. The next resistance level is seen at $26.45 (50-SMA on the hourly chart).
ETC/USD, the daily chart
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