Going short on Ethereum Classic [ETC]? You can benefit from these levels

Going short on EthereumClassic [ETC]? You can benefit from these levels

A convincing breakout to the downside could find new support at $14.27.was in a rally before the market crash in early November knocked it off track. Aside from 23 November, which encountered significant resistance at $20.28, ETC has never seen another major rally.

The major technical indicators suggest that a downside breakout is also more likely. The daily ETC chart’s Relative Strength Index is below the neutral level and is on the way down. In addition, the RSI moved in the lower range, which indicates that the sellers had a significant impact on the market.

So a bearish breakout from the triangle pattern is quite possible. If the breakout succeeds, ETC could find new support targets at $18.02, $15.89, $14.27, and $14.05. That’s a whopping 80% drop in money flowing into ETC futures. A similar trend can be seen in other major exchanges as well.This shows investors’ outlook for ETC futures has been declining since Q3 2022. Therefore, it might take some time for the sentiment to turn positive.

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