Ethereum Classic price analysis: ETC/USD crashes to $20.00, Poloniex outage exacerbate the pressure

Ethereum Classic join the ranks of crypto market losers with 9% decline.
Poloniex angers users with extended maintenance and withdrawal delays.

Tanya Abrosimova Independent Analyst

Ethereum Classic is another big loser as the coin is down nearly 9% on the day. ETC/USD broke below 200-DMA, which triggered more losses and pushed it towards the critical support $20.00. The coin reached the intraday low at $20.01 but managed to recover towards $20.50 since that time. ETC/USD needs to get back above $22.40, that's where hourly 50-SMA and 200-DMA come together. This will to improve the short-term picture, but in the longer run, the resistance runs at 50% Fibonacci retracement level $24.00.

Poloniex, one of the largest cryptocurrencies exchanges, announced the scheduled wallet maintenance 19 hours ago and it is still offline.

"We’ll be doing scheduled wallet maintenance today at ~12:30pm EST. During this time deposits and withdrawals may be impacted for some currencies but should be running again shortly after that!" - a statement on official Twitter account says.

Users complain about withdraw delays and pending tickets without replies. The news about another exchange outage added pressure on the nervous cryptocurrency markets.

ETC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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