Ethereum Classic’s 2024 – Here’s what you should expect from its price

As an experienced analyst, I’ve seen my fair share of market trends and patterns. And based on the current state of Ethereum Classic (ETC), I believe we’re looking at a prolonged downtrend.

Ethereum Classic (ETC) has long been a reliable presence in the cryptocurrency sector, yet not typically forecasted to surge 100-fold. Nevertheless, there’s widespread belief that the market will experience significant growth by 2024, potentially even more than what we’ve seen so far. However, there’s been a recent downturn, and markets have taken a hit.

So, what about ETC? What’s its fate for the rest of the year?

Starting from late May, the pattern has shifted towards a bearish outlook for ETC‘s price as it reached successively lower highs and lower lows. This downward trend is a clear warning sign. Additionally, the volume of trading in ETC has been decreasing – A telltale symptom of waning investor enthusiasm and market exhaustion.

In a downtrend, a low trading volume may indicate hesitation among sellers to push prices down further, or it could signify a decreased interest from buyers to buy and reverse the trend.

As a crypto investor, I’ve noticed that a 5.56% increase in ETC derivatives trading activity can be attributed to either buying or selling actions, which might be driven by speculation. This surge in trading seemed to coincide with a peak in ETC’s price chart, suggesting a potential speculative frenzy that didn’t last and resulted in the subsequent price drop.

Death Cross signals prolonged downtrend

Recently, the 50-day moving average has dropped beneath the 200-day moving average, signaling a bearish “death cross” in the chart. This trend reversal often indicates a prolonged period of declining prices.

In March, the price reached a high of approximately $35. Following this peak, there was a significant drop in price. Subsequently, the price stabilized around the $30 level. Later on, it fell beneath the 200-day moving average.

As a researcher studying market trends, I’ve noticed that the previous support levels have been surpassed and now hover around the $25 mark. These levels may potentially act as resistances during any price recovery attempts. Looking ahead, if the current bearish trend persists, the next significant support level could be found near the $20 threshold.

To summarize, the increase in sales volumes and the breaking of previous support levels indicate that bears are currently dominant in the market.

2024-06-22 13:11

Death Cross signals prolonged downtrend

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