The market has, unfortunately, woke up to a noticeable fall as the price of Ethereum Classic had declined by $0.43 overnight. Bitcoin, over the last 24 hours, has remained above $9200, keeping the hopes high.
Ethereum Classic Price Analysis
| Bullish factor | Bearish factor |
| Bears have weakened this time; the fall remained limited to $6.85 | Recovery finds initial hurdle coming on its way |
| As the market is still in a growing period, the coin may trade upwards | Uncertainty is still not ready to leave the market; which in turn will affect the coin |
| MACD and RSI are in a positive zone | Moving averages seem bearish here |
While the coin was carrying extreme bearish pressure, a large chunk of investors may have considered that period as a buying opportunity, and this surely has benefitted the Ethereum Classic’s price path on a positive note.
Yesterday, the ETC/USD started trading with a bullish impact and rose to trade above $7.78. A constant price escalation could help the coin to shoot up above $9, but later, bears crept in. After facing a rejection up there, it declined and sharply nosedived to trade below $6.9.
According to our ETC Prediction, The coin has started to recover already, but bearish pulls are still persistent. The current price of ETC is well below all the moving averages while the MACD indicator is in the bullish zone. RSI, at the moment, is stable.
