ETC is holding near $7.80. But is this a base forming, or just a pause before another leg down?
I'm watching Ethereum Classic because its daily chart is approaching an important decision point.
Here’s what stands out to me:
📉 1. The trend is still under pressure.
ETC is trading around $7.83, down 3.33% over 24 hours in my screenshot. After reaching roughly $9.50 in late September, the price has been making lower highs.
That tells me sellers still have something to prove before I consider the trend bullish.
📊 2. The moving averages tell two different stories.
The 7-day moving average is around $7.88, while the 25-day sits near $8.39. Price is below both, showing short-term weakness.
However, the 99-day average is near $7.60. That makes the $7.60-$7.80 area worth watching for a potential support reaction.
3. My bullish and bearish scenarios
🟢 Bullish: ETC holds above $7.60-$7.80, reclaims $8.00, and breaks through $8.40 with stronger buying volume. A sustained move could open a path toward $8.80-$9.00.
🔴 Bearish: ETC loses $7.60 and fails to reclaim it. That could expose the $7.40 area, followed by lower levels if selling accelerates.
These are scenarios, not guaranteed price targets.
My view: I'm not calling a bottom yet. I want to see buyers defend support and reclaim resistance with convincing volume. A bounce alone isn't confirmation.
The question is whether ETC can turn this support zone into a base, rather than simply delaying another decline.
💬 What do you think? Is ETC preparing for a recovery, or do you expect another move lower?
#EthereumClassic #CryptoAnalysis #altcoins #BinanceSquare
$ETC
Not financial advice. These levels are based on the chart provided and can change as market conditions evolve.
I'm watching Ethereum Classic because its daily chart is approaching an important decision point.
Here’s what stands out to me:
📉 1. The trend is still under pressure.
ETC is trading around $7.83, down 3.33% over 24 hours in my screenshot. After reaching roughly $9.50 in late September, the price has been making lower highs.
That tells me sellers still have something to prove before I consider the trend bullish.
📊 2. The moving averages tell two different stories.
The 7-day moving average is around $7.88, while the 25-day sits near $8.39. Price is below both, showing short-term weakness.
However, the 99-day average is near $7.60. That makes the $7.60-$7.80 area worth watching for a potential support reaction.
3. My bullish and bearish scenarios
🟢 Bullish: ETC holds above $7.60-$7.80, reclaims $8.00, and breaks through $8.40 with stronger buying volume. A sustained move could open a path toward $8.80-$9.00.
🔴 Bearish: ETC loses $7.60 and fails to reclaim it. That could expose the $7.40 area, followed by lower levels if selling accelerates.
These are scenarios, not guaranteed price targets.
My view: I'm not calling a bottom yet. I want to see buyers defend support and reclaim resistance with convincing volume. A bounce alone isn't confirmation.
The question is whether ETC can turn this support zone into a base, rather than simply delaying another decline.
💬 What do you think? Is ETC preparing for a recovery, or do you expect another move lower?
#EthereumClassic #CryptoAnalysis #altcoins #BinanceSquare
$ETC
Not financial advice. These levels are based on the chart provided and can change as market conditions evolve.