A double prime at $77.5, spelled catastrophe for Ethereum Classic because the alt suffered an enormous drawdown publish 7 September. Heightened by a broader market sell-off, a single candlewick dropped all the best way to $48.2 which marked a low of over 1-month for ETC.
Moreover, the previous few days noticed ETC gridlocked between two Fibonacci ranges; a breakdown would transpire into newer lows. At the time of writing, ETC traded at $56.1 with a market cap of $7.26 Billion.
Ethereum Classic Daily Chart
An in depth take a look at ETC’s chart confirmed that the costs had already pierced under their 20 and 50 Simple Moving Averages. With momentum aiding the sellers, ETC slipped under its 38.2% Fibonacci degree and examined the next assist at $55.1.
An additional southbound push would see ETC drop to newer lows at $53.4 and $51.5. If consumers fail to stem the bleeding, ETC might even drop all the best way in the direction of $48.3, bringing the 200-SMA (inexperienced) into play. From there, ETC’s July lows will come underneath the highlight.
Moreover, the bulls had their work lower out so as to implement a revival. For such an final result, ETC wanted to problem the 50% Fibonacci degree while additionally closing above its each day 20-SMA (pink). The base-case state of affairs would name for a comeback in the direction of the $66-mark.
Reasoning
Interestingly, the On Balance Volume confirmed that purchasing strain, which had picked up since July, had now misplaced its tempo. The index noticed a dip publish 7 September and went flat. The Relative Strength Index additionally indicated weak spot and traded under 45 over the previous week. Meanwhile, the Directional Movement Index’s -DI floated above the +DI, a studying which regularly dissuades consumers from the market.
Conclusion
ETC swam in harmful waters after closing under its 38.2% Fibonacci degree. Further draw back was anticipated until $48.3 particularly due to the shortage of shopping for strain out there. For traders, an honest purchase alternative could be elusive until ETC touched its 200-SMA. To negate a bearish final result, ETC wanted to climb above its 50% Fibonacci degree on sturdy volumes.
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