Ethereum Classic’s Support Level at Risk: Will Bears Breakout?

• The Ethereum Classic (ETC) price has been declining since 14 April after being rejected at the $23 resistance level.
• Currently, ETC is hovering just above a key support level of $17.66 but there are signs of weak buying pressure which could trigger a bearish breakout.
• Indicators such as Bollinger Bands and RSI point to a potential breakout while futures markets show mixed signals between bullish and bearish sentiment.

Ethereum Classic’s Price Decline

The Ethereum Classic (ETC) price has been on a bearish decline since 14 April after being rejected at the $23 resistance level, resulting in losses of over 22% of its value. This price decline has been accompanied by Bitcoin (BTC), which posted losses of 1.4% in the past 24 hours to trade at $26.7k, potentially exacerbating ETC’s bearish momentum.

Technical Analysis

Technical analysis suggests that Ethereum Classic is currently consolidating just above the critical support level of $17.66, with indicators such as Bollinger Bands hinting at a sharp move for ETC soon either way – either breaking out of the current range or staying steady above it with bulls rallying if volume ramps up over the coming days. The Relative Strength Index (RSI) also dipped under 50, indicating waning bullish action, though the Chaikin Money Flow (CMF) remained positive with capital inflows still existing that could spur a bullish rally.

Futures Markets Signals

Futures markets offer mixed signals between bullish and bearish sentiment – while spot CVD is in a steady decline due to intense selling pressure over the past month, funding rate remains positive and points toward bullish leanings in some areas of the market.


Overall, given current market conditions and trends observed via technical analysis and futures markets data, Ethereum Classic’s support level may finally cave if buying pressure does not pick up soon enough – though this may be offset by potential capital inflows that could spur a bull rally should volume increase over time too.


This article should not constitute financial advice; it does not represent any form of investment or trading advice nor should it be taken as an opinion piece from the writer themselves who are solely expressing their own opinion on the matter discussed herein based on available information at press-time.