- The price initiated a downside movement around the $20.00 level and broke past the support level at $18.00.
- The recent dip of Ethereum Classic price at $15.66 shows that the selling pressure is here for the long term.
Ethereum Classic price declined sharply during Wednesday/Thursday trading to find support just above $15.00. The price initiated a downside movement around the $20.00 level and broke past the support level at $18.00. The crypto is now making recovery attempts, although the gains have been capped short of the $17.50 level.
The whole cryptocurrency market is in shambles, and the volatility is also rising. A recent global survey has indicated that there is an increasing interest in cryptocurrencies in the world. The study found out that six out of ten people would consider adding cryptocurrency into their investment portfolios. In addition to that, the CEO of deVere Group’s (company conducting the survey), Nigel Green said in a comment:
“An increasing general awareness of cryptocurrencies and how they work, plus a growing sense that cryptocurrency regulation is now inevitable, are perhaps the main reasons why such a high percentage of people are now open to looking at the possibilities of crypto for their portfolios.”
The CEO concluded that the growing interest in cryptocurrency is expected to drive the prices higher, while volatility could decrease due to regulations.
Technical picture
The recent dip of Ethereum Classic price at $15.66 shows that the selling pressure is here for the long term. If a correction takes place, ETC/USD will encounter a sell off close to the 23.6% fib retracement level of the last high at $21.73 and a low of $15.66. At the same time, the price is experiencing a critical bearish trend taking shape at the immediate resistance $18.00. Consequently, a similar trendline is expected close to the $38.2% Fib retracement level. Lastly, the $17.50 and the $18.00 levels are significant barriers for the bulls in the market.
ETC/USD hourly price chart
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