ETC price is within a descending channel; a trend observable in other cryptocurrencies. Dogecoin and Ripple are some of the altcoins that are on a similar trajectory. Besides, Bitcoin, which often sets the trend for altcoins is hovering below $57,500 after dropping from the week’s high of $59,277.22.
Cryptocurrencies have been on a decline in recent weeks amid the risk-off sentiment. The crypto fear & greed index has been on the fear end of the spectrum for close to two weeks. In Friday’s session, the presented reading of 31 signals heightened fear compared to Thursday’s level of 32.
Ethereum Classic has been on a downtrend for three weeks after hitting a two-month high of 65.36 earlier in November. The formation of a descending channel points to further losses in the ensuing sessions.
At the time of writing, ETC price was up by 0.48% at 47.24. On a four-hour chart, it is trading slightly below the 25 and 50-day exponential moving averages. Based on both the fundamentals and technicals, I expect the altcoin to remain under pressure into the weekend.
ETC price will likely face some resistance along the 50-day EMA at 48.05. If more buyers enter the market, the next level to watch out for will be 50.55. On the flip side, it may find support at 45.85 or lower at 44.03.
This post was last modified on Dec 03, 2021, 07:26 GMT 07:26