The Ethereum Classic price continues to display strong bearish moves, indicating increased selling-over-buying pressure in the crypto industry. Moreover, the ETC price struggles to break out of its key resistance level, suggesting a bear power in the crypto space.
The ETC price traded in a closed range between $20.32 and $21.94 for a while, following which the market gained momentum and the Ethereum Classic price gained just enough momentum to break out of the resistance level.
However, the rally was short-lived as the price faced rejection at $23.45, after which it traded sideways for a while. As the market volatility grew, the price experienced a correction of approximately 20%. The price traded between $18.77 and $20.32 for five days.
Following the approval of the Bitcoin Spot ETF trading, the ETC price recorded a massive jump of 66% in valuation within the next three days. After facing rejection at $31.23, the price has been constantly traded under a bearish influence and has lost over 30%.
The ETC coin tested its important level of $21.94, but the bulls held the price strong, resulting in a price breakout. Since then, the price has been trading in a range between $23.45 and $25.04.
Will ETC Price Regain Value?
The technical indicator, MACD, displays a neutro trend, indicating a weak buying and selling pressure in the market. Further, the averages show a flatline, suggesting an uncertainty in the future price action of this token.
If the bulls regain power, the price will gain momentum and test its resistance level of $25.04. Moreover, if the market continues to trade positively, it will prepare to test its upper resistance level of $26.43 in the coming time.
Negatively, if the market fails to hold the price above the support level of $23.45, the price will lose momentum and fall to test its lower support level of $21.94. Further, if the bears hold power over the bulls, it will plunge further and prepare to test its support level of $20.32.