Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple.
The Ethereum Classic price has corrected sharply from its all-time high of $175.00 to its current $117.00, and the pain looks set to continue.
ETC/USD had gotten off to an amazing start in the first week of May. The Ethereum classic price gained an incredible $408% over 6 trading days. The two days that followed have not been so kind.
The coin is down 15% in Asian trading and the correction looks far from over.
Ethereum Classic (ETC/USD) was born from a hard-fork of the Ethereum (ETH) network. This was in response to a well-publicized hack that resulted in the theft of 3.6 million ETH ($126 Billion at ETH current $3,500 valuation).
The network shares many similarities with its big brother (or should that be parent?). However, the price is not one of them.
Like many of its altcoin peers, ETCUSD has seen a parabolic increase in price so far in 2021 and at its high, had returned over 3000% since the start of the year. This left the door wide open for the price to correct.
Failing a further catalyst, the Ethereum Classic price is likely to test the support of the psychological $100.00 level. Should that give way, the next level to watch is $50.00.
It becomes very difficult to predict future price trends after a market has experienced a rally like the one we have just witnessed. A lot will depend on how the price reacts over the next day or two. However, The path of least resistance looks to be lower at the moment.
Bulls would need the price to close back above $141 to relieve the immediate downside pressure. In this scenario, a return to the ATH would become possible.
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