Ethereum Classic Price Faces Repeated Rejection! What’s Next For ETC Price?

The post Ethereum Classic Price Faces Repeated Rejection! What’s Next For ETC Price? appeared first on Coinpedia Fintech News

The Ethereum Classic price continues to display strong bearish moves, indicating increased selling-over-buying pressure in the crypto industry. Moreover, the ETC price struggles to break out of its key resistance level, suggesting a bear power in the crypto space.

The ETC price traded in a closed range between $20.32 and $21.94 for a while, following which the market gained momentum and the Ethereum Classic price gained just enough momentum to break out of the resistance level.

TradingView: ETC/USDT

However, the rally was short-lived as the price faced rejection at $23.45, after which it traded sideways for a while. As the market volatility grew, the price experienced a correction of approximately 20%. The price traded between $18.77 and $20.32 for five days.

Following the approval of the Bitcoin Spot ETF trading, the ETC price recorded a massive jump of 66% in valuation within the next three days. After facing rejection at $31.23, the price has been constantly traded under a bearish influence and has lost over 30%.

The ETC coin tested its important level of $21.94, but the bulls held the price strong, resulting in a price breakout. Since then, the price has been trading in a range between $23.45 and $25.04.

Will ETC Price Regain Value?

The technical indicator, MACD, displays a neutral trend, indicating a weak buying and selling pressure in the market. Further, the averages show a flatline, suggesting an uncertainty in the future price action of this token.

If the bulls regain power, the price will gain momentum and test its resistance level of $25.04. Moreover, if the market continues to trade positively, it will prepare to test its upper resistance level of $26.43 in the coming time.

Negatively, if the market fails to hold the price above the support level of $23.45, the price will lose momentum and fall to test its lower support level of $21.94. Further, if the bears hold power over the bulls, it will plunge further and prepare to test its support level of $20.32.