Ethereum Classic [ETC] joins cryptos in bearish zone: Technical Analysis
Thursday morning seemed gloomy for the digital assets market with Ethereum Classic [ETC] initially trading in green and then diving into red. Over the day, as the sellers began to dominate the market, the bulls gradually retreated. Bitcoin [BTC] is continuing to trade below the $3,500 mark, which is likely to give an additional push to the downtrend spiral of the other altcoins. The 17th most valuable digital currency have persistently under-performed when the bears took over the market. At a time, when the crypto market succumbed under high selling pressure, Ethereum Classic [ETC] has posted a loss of almost 6% in the last seven days and nearly 57% in the duration of a month.
The MACD, at the moment, suggests that though the token is trading at the threshold of the bearish zone to sluggishly step into it. Currently, the 100 EMA line shows that the digital currency is mildly exhibiting an uptrend. The cryptocurrency is trading below its newly formed support level, which can be found at $3.957.
At present, the hourly RSI indicator is marked at 54.4, which suggests that the digital currency is faring moderately well to experience increased buying in the down market. The total market value of the virtual asset stands at $413.71 million, according to CoinMarketCap data. The digital asset has inched down nearly 0.23% against the U.S. dollar to trade at $3.86.
At the time of writing, the virtual currency has moved up 1.31% against Bitcoin [BTC] with one ETC valued at around 0.001126 BTC.
Ethereum Classic [ETC] Latest Updates
One of the leading Ethereum Classic development team recently shared with the community that it is shutting down. The announcement was made on the ETCDEV’s official Twitter account. The tweet also contained a screenshot of the announcement from ETCDEV’s founder and CTO, Igor Artamonov.
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