Ethereum Classic (ETC) continues to experience a downward trend in the market. The crypto coin is making low highs and low lows, showing a declining movement in the daily chart. Between March 16 and March 22, ETC has lost 41% out of 110%, even during the crypto upward movement indicating a strong bear market.
ETC is a native coin for Ethereum Classic that gained a lot of attention from traders following its launch in 2016.
Ethereum Classic is a project by Ethereum to split the blockchain into two parts due to a disagreement between its members. Ethereum’s old chain is called Ethereum Classic.
ETC performed well in the crypto market for a long time, until the recent breakout dropped its price drastically. The coin had already been struggling to keep up since September 6, 2021.
However, the rising global issues like high inflation rates and the Ukraine-Russia war negatively impacted ETC’s price even more, just like other cryptocurrencies. However, compared to other coins, ETC failed to move upward.
ETC low fluctuating trends
According to various resources, ETC has been experiencing low lows and low highs for months in the crypto market.
The declining trend began even from the start of the year when other currencies were thriving. ETC price dropped to $21.20 on January 22, which is the lowest of the first quarter of 2022.
ETC short-term bull
The price surged upwards after the drop on January 24 with the highest peak going to $52.98 on March 29. Many investors got their hopes up to see the bull market, however, this high was only a short-term bull because then the ETC price dropped drastically in April.
April has been a tough month for ETC as the market saw the bearish trend for the crypto coin. On April 14, ETC saw a low high of $39.13, then again dropped to a lower low of $34.28 on April 21.
During March, ETC tried to maintain the resistance level of $34, as it continued to go in a downward direction.
A recent report from the market shows that on April 26, the price dropped even low to $29.88 showing a decline from the resistance level to $27.67 and $24.58.
What do ETC readings indicate?
Based on the calculated RSI and MACD, ETC is experiencing a severe bear market. The traders are bearish about the declining trends sabotaging their asset value.
According to Tradingview, Ethereum Classic’s RSI level dropped to 33%, which shows that the coin is oversold, so there is less demand for supply in the market.
Although Ethereum Classic hasn’t released any statement or updates to give people hope, many believe that this consistent decline might be a sign of a bull market.
However, the bear market rejects this speculation. ETC is dropping below the resistance level in the daily chart, indicating that the coin is nowhere near improvement.
Other than the short-term bull investors saw in March, there are no clear indications of improvement above the resistance level. If a breakout were to occur, ETC will resist at $38.60. Otherwise, there is no hope of seeing the bull market for Ethereum Classic.
The chart shows a descending wedge pattern but nothing can be said until ETC practically shows improvement in the market.
