The ETC Technical Analysis shows a declining trend approaching the crucial support zone at $26, threatening a downtrend continuation. The ETC price action shows a bearish reversal from the $40 resistance level, with a double top pattern accounting for a drop of 28%. The downtrend currently approaches the crucial support zone between $23 to $26 after crashing below the crucial daily EMAs. So will the downtrend continuation drop below the crucial support zone leading to a death cross? Key Points: The Ethereum Classic prices show a high momentum downtrend. The increased selling pressure endangers the buyers at the $25 mark. The intraday trading volume in Ethereum Classic is $1.30 billion. Source – TradingView ETC Technical Analysis The ETC price action shows a bullish reversal from the 200-day EMA with a double bottom pattern reaching $40. However, the increasing pressure resulted in a higher price rejection and a double top pattern with the neckline at $33.5. The increased selling pressure on 15 September led to a downward trend resulting in a bearish breakout of $33.5. Accounting for a drop of 30%, the free fall continues after breaking the 200-day EMA and the $30 mark. The spike in the intraday trading volume currently supports the falling prices reflecting an increase in the underlying bearishness. Therefore short-term traders can expect a short-term selling opportunity to ride the downtrend. However, traders hoping for a bre...
