Ethereum Classic (ETC) Price Analysis: ETC Plunges 5.19% But Bulls Are Still In Potential

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  • After breaking the $13 mark yesterday, ETC surges down to the support level of $11.50
  • ETC bulls are still capable of a build a rally.

Is this the end for ETC bulls? 

Source: Tradingview

Well, the technical chart doesn’t indicate so. ETC has made some impactful positive movement since the inception of 2020. The marks visualized in the technical chart indicate the potential of ETC bulls for this year.

ETC started this year with a price of around $4.50 and is currently trading around $11.93. Yesterday, it broke the $13 mark, which indicates that traders should not consider today’s downside as a bearish movement.

The market capitalization of the Ethereum Classic is around $1,382,061,097, and the 24H volume traded is approximately $3,549,606,025 and is currently trading around the support level of $11.50.

Fundamental Aspects 

The postponement of Phoenix day which was supposed to be on 25th March 2020 for Ethereum classic may have been the cause for the bearish movement we are witnessing today. Now the phoenix day is scheduled to be on 10th June 2020. ETC also announced that it is on track to reach full bytecode compatibility with the ETH main net on 30th January 2020.

With this new postponed date, ETC has provided its protocol developers sufficient time to figure out any issues during the test net phase.

These aspects have provided ETC with a strong futuristic fundamental base favoring the bulls.

Technical Aspects 

Due to today’s bearish movement, the RSI can go down to the oversold zone, but on aggregate it is showing full potential to make a bullish rally soon.

The CCI indicates a bullish movement can be there in the near future.

The statistical data given below describes the bullish journey for ETC this year:-

Source: Coinmarketcap

Resistance level: $13.00

Support level: $10.50

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