Ethereum Classic’s 2024: Here’s what to expect from its price

• Ethereum Classic (ETC) showed an overall bearish trend with decreasing high and low prices, along with decreasing trading volumes.
• Bearish ‘death cross’ suggested possible long-term downtrend

Ethereum Classic (ETC) has been a staple in the cryptocurrency market, but it was never expected to grow 100x. Still, 2024 is widely expected to be a very bullish year for the market, even more so than it already is. has been. However, things have slowed down recently and the markets have plummeted.

So what about ETC? What is your destination for the rest of the year?

Since late May and into June, the trend has appeared generally bearish as ETC price reached lower highs and lower lows, a classic indication of a bearish trend. This recent price drop may be accompanied by a decline in trading volume, a sign of reduced investor interest and market fatigue.

Typically, low volume during a downtrend can suggest a lack of conviction in sell-offs, but it could also mean that there are fewer buyers present to push the price up.

An increase of +5.56% means greater trading activity in ETC Derivatives, which may be a speculative purchase or sale. In fact, the notable rally appeared to align with a spike in the ETC price line, possibly pointing to a speculative run that was not sustained and led to a price pullback.

Death Cross signals prolonged downtrend

The 50-day moving average recently crossed below the 200-day moving average, indicating a bearish “death cross.” This pattern is usually a sign of a long-term bearish trend.

The price peaked at around $35 in March, followed by a sharp drop. After that, it consolidated around the $30 mark before falling below the 200-day moving average.

Previous support levels can be seen around the $25 level, which have now been broken and may act as resistances if a price recovery attempt occurs. The next key support is likely to be around the $20 level, which could be tested if the prevailing downtrend continues.

In conclusion, the increase in sales volume plus the break of previous support levels tells us that the bears are here to stay.

This is an automatic translation of our English version.