What’s next after ETC smashes this critical support level

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• Bullish protection of $17.66 assist lastly succumbed to intense promoting strain.
• Bearish bias solidified by shorts benefit within the derivatives market.

A 17% dip over the previous day took Ethereum Basic [ETC] to the June low of $14. This got here after the bears efficiently cracked the bullish protection of the $17.66 assist stage.

Life like or not, right here’s ETC market cap in BTC phrases

ETC sellers may very well be on the hunt for extra beneficial properties with all the crypto market bleeding out and ETC’s market construction firmly bearish on the upper timeframes.

Consumers crumble beneath the load of promoting strain

Supply: ETC/USDT on Buying and selling View

The $17.66 assist stage has been a key one for bulls. After the value rejection on the $20.27 resistance stage, bulls used the assist stage to try a number of worth reversals.

Nonetheless, the bearish trendline curtailed the bullish rebound makes an attempt. As the value approached the $17.66 assist, bulls put up one final protection over a two-week interval. But, the descent of the bearish trendline under the assist stage gave ETC bears the mandatory ammunition to flip the assist stage.

A glance southward confirmed that the bearish descent under the $17.66 assist stage broke the earlier bullish decrease excessive. This flipped ETC’s market construction absolutely bearish on the 12-hour and each day timeframes.

Moreover, the sellers’ benefit was highlighted by the Transferring Common Convergence Divergence (MACD) posting a bearish crossover under the zero mark. Coupled with the purple bars, this confirmed sturdy promoting strain.

Equally, the Relative Energy Index (RSI) remained within the oversold zone to underline the shortage of shopping for energy.

Sellers press residence benefit within the futures market

Supply: Coinglass

The trade lengthy/brief ratio on the each day timeframe confirmed market speculators leaned strongly in favor of the bearish momentum. Information from Coinglass confirmed that shorts managed 51.28% of open contracts with a $10.88 million distinction between patrons and sellers.

How a lot are 1,10,100 ETCs price in the present day?

This solidified the long-term bearish bias, as bears look to maximise the promoting momentum on Ethereum Basic.