The Ethereum Classic price has stagnated in the past few days. The ETC price declined to a low of $51.95, which was about 10% below the highest level this month. This decline has pushed its total market capitalisation to more than $6.7 billion, making it the 29th biggest cryptocurrency in the world.
Ethereum Classic is often seen as a proxy for the relatively expensive Ethereum (ETH). Besides, while ETC is trading at more than $3,400, ETH is currently trading at $50. Therefore, since most of the alternative coins is mostly driven by retail traders, many opt to invest in ETC instead of Ethereum.
Recently, Ethereum price has struggled as demand has waned while more investors have remained optimistic about Bitcoin. For example, while Bitcoin’s price has risen by more than 6% in the past 7 days, Ethereum Classic’s price has declined by about 0.10%. Other altcoins like Cardano, Solana, Dogecoin, and Terra have crashed. So, what next for the Ethereum Classic price?
The three-hour chart shows that the ETC price has struggled lately. This week, the price managed to decline below the lower line of the rising wedge pattern. A rising wedge is usually a bearish signal. At the same time, the price declined below the 25-day and 50-day moving averages while the MACD has moved below the neutral level. It has also formed a break and retest pattern.
Therefore, I suspect that the Ethereum Classic price will likely continue dropping as bears target the next key support at $45. On the flip side, a move above
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