Ethereum Classic has been surrounded by controversy that led to the birth of the hard fork ETH, which now ranks as the second-largest cryptocurrency network offering multiple services. Despite ETC offering similar advantages, it has failed to replicate the success of its hard fork rival.
In the current stage, ETC finds itself at the 29th rank in terms of market capitalization, which is a testament to people shifting towards the innovative blockchain network. The current market capitalization of ETC is valued at $2,003,600,926, with 64% of its total supply already circulating.
Since the crypto winter, ETC has failed to hang on to a single support level. Relentless profit booking, even at the latest trading value, showcases a wider negative stance towards non-fundamental crypto networks. Breaching its previous consolidation zone and marking a breakout at $20 has destroyed buying possibilities. Buyers and enthusiasts are now waiting for the crypto summer to return.
Ethereum Classic now stands near a fresh leg of breakdown, jumping from its June 2022 low of $12.5. With technicals deteriorating, the possibility of a breakout and uptrend seems too far-fetched despite the possibilities. Read more about ETC and its price history by clicking here!
Ethereum Classic price trend remains negative with a slight uptrend in the short term remaining the only silver lining. The breakout of $20 levels has forced buyers to rethink the dip for ETC tokens.
Trading above the $20 mark could encourage buyers to take advantage of the rally in the short term, but the outlook would remain negative until the price of Ethereum Classic touches $35. Taking cues from the RSI indicator, we can expect a short-term rally in ETC price. Moreover, the MACD indicator has also shied away from generating bearish crossover indications.
The immediate support level to buy remains constrained to the latest dip of $12.5, while the immediate resistance level shifts towards $20 from $28. $58 remains the most challenging level for Ethereum Classic to breach.
On short-term hourly charts, we are witnessing an abrupt halt of the gradual upshift of ETC values since the beginning of July 2022. The marginal loss in three hours showcases a sell-off or dumping. ETC is again on the slow pace to return to the $15.5 level that it was trading during the positive hours of the day.