There was a 5% loss in value for ETC over the past day. The Ethereum Classic coin has continued its fall on longer time frames since the July spike.
Ethereum Classic bears were unable to withstand the selling pressure after the fork attempted to maintain a price above the $27 support line.
As of this writing, ETC is trading at $23.08, down 16 percent in the last seven days, data by Coingecko show, Saturday.
Although Proof-of-Stake has rendered Ethereum’s mining obsolete, renewed interest in the coin has resulted from the Merge. The day the Merge was made public, the hashrate increased as a result.
However, ETC’s long-term prospects remain bleak as weekly, biweekly, and monthly time periods are all in the red.
The present value of 0.80 between Ethereum and its hard fork indicates that Ethereum Classic will enthusiastically follow wherever ETH goes. The data points to a positive expansion.
Ethereum Classic: Technical Analysis
From September 19 to now, ETC has fluctuated in price between $20.73 and $31.13. The coin’s current moving average (CMF) is currently -0.09, which indicates that bears are gaining dominance.
Nonetheless, the Stoch RSI is in the oversold region, which represents an excellent buying opportunity for investors and traders.
The increasing ascent of the bull-bear power indicator suggests a likely trend reversal. However, the Bollinger band’s central line is exerting greater downward pressure on the coin.
The 20-day to 100-day exponential moving averages (EMAs) also operate as dynamic barrier for the token, making a rebound conceivable.
ETC: Possible Recuperation?
Although it will be tough to produce a price reversal, bulls can yet defend the $23 support level. This will serve as a springboard for them to try the $27 resistance level. Traders and investors can also utilize the Stoch RSI numbers.
As previously stated, the Stoch RSI is in the oversold bottom half. This indicates that the coin is now undervalued and extremely inexpensive to purchase. Speculators and investors can purchase ETC at the current market price with a loss stop of $18.76.
However, this carries considerable risk because other indicators hint to a short- and long-term pessimistic outlook for ETC. But if the bulls can maintain the $23 support line, October will be an excellent starting place for a further rise to $29.71. We anticipate a strong bearish or bullish price movement in the following days and weeks.
ETC total market cap at $3.17 billion on the daily chart | Featured image from Investing.com, Chart: TradingView.com
Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
Read More: Ethereum Classic Muffled In Last 2 Months