Bearish sentiment in the market was reflected in Ethereum Classic’s price action, as its price sunk toward a key support level.
Ethereum Classic [ETC] Price PredictionWith market conditions remaining choppy, bears can seize the opportunity to flip ETC bearish on the higher timeframes.ETC’s sharp rejection at the $23 resistance level saw it break below the $20.2 support level. Furthermore, a retest of this new resistance level led to further selling pressure which saw a test of the $17.66 support level.
The bulls that attempted to rebound from the $17.66 support level were curtailed by the bearish trendline. This kept ETC’s price close to the support level, blocking any further upside. If the bearish trend persists along with BTC’s declining price, the support level could cave to the selling pressure in the coming days.
Despite the bearish momentum, bulls have precedent to rally from this support level, as seen on 29 June. However, a rally will have to contend with the trendline resistance for sustained gains. In the meantime, the Relative Strength Index headed toward the oversold zone while the On-Balance Volume remained flat. This highlighted the lack of buying power and both indicators suggested a bearish leaning for ETC.
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