Ethereum Classic's selloff issues aren't over yet and could even increase when the support level of $23.50 is broken. The initial Ethereum blockchain token hasn't been able to withstand the declines, despite a peak of $45.82 just a few weeks following the Merge software update.
For around 4 weeks ETC value drew the interest of miners who had left Ethereum. Ethereum blockchain (before the change to becoming a consensus token that is proof-of-stake) for alternative proof of-work mining protocols.
The focus is on Ethereum price's capacity to hold the support level, which is which is highlighted at $23.50 strongly. If it is able to respect that demand level, the shorts could be able to forget about ETC price and prolong the down phase 36.20 percent lower than the level of the breakout to $15.00.
The fifty-day SMA (Simple Moving Average) red, which is crossing below the 200-day SMA and purple and further declines are likely. Ethereum Classic price is yet to recover from an alert to sell that was released on the 16th of September by MarketGod. MarketGod indicator. Market participants using this indicator are able to alter - and even develop trading strategies.
The absence of any solid support lower than $23.50 increases the chance of the ETC price falling to $15.00. If the situation is forced investors can anticipate that the price will hit the lows of June at $13.50.
The Ichimoku Cloud indicator on the same day increases the bearish pressure of Ethereum Classic price. As long as ETC remains below the 'cloud the pressure on overhead will increase over Ethereum Classic price. It is also evident that the Ichimoku Cloud also shows areas of resistance and support. Today, Ethereum Classic price will likely continue to fall and an $15.00 support level in the reach.
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