Ethereum Classic prices are seeing a drop of four per cent in today’s trading session. The drop is a continuation of yesterday’s trading session, where the cryptocurrency also lost over 4 per cent of its value. The drop in price also comes despite huge gains in the trading volume of the cryptocurrency.
In the past 24 hours, the cryptocurrency has seen its trading volume jump to $577 million, a 24 per cent gain during that period. The drop in prices of Ethereum Classic may be due to the industry-wide drop in prices of cryptocurrencies. The bearish trend across the industries has also seen other cryptocurrencies such as Bitcoin and Ethereum lose their value in the past two days.
Ethereum classic prices are coming out of a sideways market, and in the past two days, the cryptocurrency has closed below the opening prices. Looking at the chart below, we can see the prices are in a strong bearish move. The move, which started on March 30, 2022, has seen the prices drop by 33 per cent to Ethereum Classic’s current price of $35.
Using the daily chart shown below, we can see a bearish trend signal in both the Wiliams Alligator and the RSI indicator. The two indicators show the prices are likely in a long-term bearish move. The recent price action also shows the prices are in a strong bearish move. This is after the latest bearish flag that looks to have ended in yesterday’s trading session. Before then, the prices had traded sideways, mostly with no volatility and momentum.
Today’s trading session, however, shows an increased volatility to the downside. It is also a continuation of a trend set in yesterday’s trading session. Therefore, I expect the prices to continue dropping in the next few days. There is a high likelihood that the current bearish move will see the prices of Ethereum Classic drop from the current $35 to hit the $25 support level. This will be a 25 per cent drop from the current prices.
This post was last modified on Apr 18, 2022, 14:15 BST 14:15