107.9FM NYJ/LA

Translate This Page

Ethereum Classic Suffers From Relationship To Bitcoin, General Markets — But All Hope Isn't Lost

Posted by Melanie Schaffer on Tuesday, September 21, 2021 Under: Technical Analysis
shape, logo, company name© Provided by BenzingaEthereum Classic (CRYPTO: ETC) plummeted down almost 10% on Monday following Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were trading down over 7% and 8%, respectively.

The crypto markets have also begun to trade in correlation with the overall markets this year due to Bitcoin and a number of altcoins being adopted by companies such as Square Inc (NYSE: SQ) and PayPal Holdings Inc (NASDAQ: PYPL).

See Also: Why Bitcoin And Ethereum Are Trading Lower Today


Video: Bitcoin, Ether Alternatives Lead the Charge in Crypto Markets (QuickTake)

Bitcoin, Ether Alternatives Lead the Charge in Crypto Markets

The Ethereum Classic Chart: Ethereum Classic fell through a key level at the $50 mark which has both price history and psychological support. The dip down to $47.22 was bought, however, and Ethereum Classic bounced back north to regain support of the 200-day simple moving average.

The long lower wick demonstrates bulls bought the dip but the above-average volume on the decline shows there are more sellers than buyers.

By mid-afternoon on Monday Ethereum Classic had a trading volume of over 317,000 compared to the 10-day average of 216,950. Volume is a momentum indicator and bullish traders prefer to see lower prices on lower-than-average volume.

Ethereum Classic’s relative strength index (RSI) has reached 34%, which brought the crypto down toward overbought territory. When a stock or crypto’s RSI drops near or below 30% it is a buy signal for technical traders. The last time Ethereum Classic’s RSI dropped to 34% was on July 2, then its price shot up over 100% in the month that followed.

Ethereum Classic is trading below the eight-day and 21-day exponential moving averages (EMAs) with the eight-day EMA trending below the 21-day, both of which are bearish indicators. Bulls will want to see the crypto close the day above the 200-day SMA for confidence a bearish sentiment change isn’t in the cards.

Bulls will also want to see consolidation and then for big bullish volume to come in and drive Ethereum Classic back up above the $50.93 level. If the crypto can regain the level as support it could head back up toward $55. Bears want to see sustained big bearish volume drop the crypto down below the 200-day SMA and for momentum to push Ethereum Classic down toward a descending trendline which has in play since June 1. If the crypto doesn’t respond bullishly to the trendline it could fall back toward the $40 level.chart, histogram: etc_sept._20.pngetc_sept._20.png

In : Technical Analysis 


Tags: ethereum classic suffers from relationship to bitcoin  general markets — but all hope isn't lost 


HOT 103.1 FM HOUSTON

Instagram





Invest, spend, and earn 2.05% APY*–all through your brokerage account.
Our goal at Robinhood is to democratize finance. This means delivering products that help you do more with your money and improve your life. Today, we're excited to introduce Cash Management, a new feature to give you more flexibility with your brokerage account.
JOIN THE WAITLIST
Flexible Spending
Use your Robinhood debit card anywhere Mastercard® is accepted around the world.
 
Earn 2.05% APY
Your uninvested cash is moved to banks in our program that pay you 2.05% APY*. Like all variable rates, this could go up or down over time.
 
FDIC Insurance
Your cash in the program banks is eligible for up to $1.25 million of FDIC insurance, or up to $250,000 per bank, subject to FDIC rules.
 
75,000+ ATMs
Don't pay fees at any of the 75,000+ ATMs in our network.
JOIN THE WAITLIST

See the source image



For the next two weeks, you can earn increasing levels of Stock-Back™ rewards when you shift your everyday spending to your Stash debit card.* 

Every qualifying swipe over $5 gets you closer to leveling up your Stock-Back rewards. Levels start tomorrow and reset to zero on Monday, November 18.


Follow Us

 

Flag Counter


Flag Counter

Make a free website with Yola