Ethereum Classic Reflects Steep Decline After Hitting $8.2

At the beginning of the ongoing year, the price of Ethereum Classic was trading around $4.5. The further days embarked on an exceptional hike in the price. In February, the ETC price crossed the $12.5 mark. However, it couldn’t manage to stay at this price point and started correcting down with a tremendous pace and fell to $3.10. Later, the currency regained its momentum and marked moderate recovery.

Ethereum Classic Price Analysis

If we look at the price movement of ETC/USD over the last 90 days, the coin was trading around $6.24 on May 11. Within a week’s time, the price escalated to $6.95, but it was soon caught by the bearish pressure and the price dropped to $6. There was an immediate improvement marked which took the price of Ethereum Classic to $7.50.

In the next month, the ETC/USD has continued to trade bearishly and experienced sharp pullback pressure in the last week. The currency fell to the lowest point of the month below $5.5.

In July, Ethereum Classic started trading with a stagnant movement. Till the end of the first week, the price hovered around the same level. Later, the price escalated to $6.90 on July 09. The ETC coin couldn’t hold for long at this level and fell to $6.00. Later, the currency escalated to $7.50.

From the beginning of the ongoing month, Ethereum Classic kept the downtrend intact after hitting $8.2, which has reshuffled the 90-days high and re-set at $8.2. Later, the coin faced steep fall and touched $6.95 at the press time with strong support from both the SMA lines.

The simple moving averages of 20 & 50 days are at $6.91 and $6.90 respectively. The lines are forming bullish crossover. The MACD chart reflects bullish crossover. As per the mixed signals, the impending period might record sluggishness.