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

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:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

Uniswap price is on a journey to retest $25 after the recent downswing. On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84. A daily close below $17.75 will invalidate the bullish thesis.

More UniSwab news

Three major overlooked factors why Ethereum price is about to skyrocket

ETH price has been consolidating after the cryptocurrency registered a new all-time high on November 10. A few factors suggest that the token may be preparing for a massive take-off. 

More Ethereum news

Solana price to trigger a 15% upswing as SOL retests crucial support level

Solana price appears to be making a comeback after it slipped into a steep correction since its all-time high on November 7. This downswing has stopped after retesting a crucial support level and is on a journey to head higher.

More Solana news

Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

More Shiba Inu news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!