Ethereum Classic: Can bears crack $17.66 support and extend gains?
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Ethereum Classic [ETC] hovered over a key support level with bears primed to crack the level.
24-hour liquidation data showed longs suffered liquidation worth $410.98k.
Bitcoin’s [BTC] failure to sustain its price rebound over the past 24 hours continued the bearish sentiment in the market. This was reflected in Ethereum Classic’s [ETC] price action, as its bearish slide saw it sink toward a key support level.
With market conditions remaining choppy, bears can seize the opportunity to flip ETC bearish on the higher timeframes.
Break of $17.66 support level key factor for further bearish gains
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Source: ETC/USDT on Trading View
ETC’s sharp rejection at the $23 resistance level saw it break below the $20.2 support level. Furthermore, a retest of this new resistance level led to further selling pressure which saw a test of the $17.66 support level.
The bulls that attempted to rebound from the $17.66 support level were curtailed by the bearish trendline. This kept ETC’s price close to the support level, blocking any further upside. If the bearish trend persists along with BTC’s declining price, the support level could cave to the selling pressure in the coming days.
Despite the bearish momentum, bulls have precedent to rally from this support level, as seen on 29 June. However, a rally will have to contend with the trendline resistance for sustained gains.
In the meantime, the Relative Strength Index (RSI) headed toward the oversold zone while the On-Balance Volume (OBV) remained flat. This highlighted the lack of buying power and both indicators suggested a bearish leaning for ETC.
Bears back in the futures market
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Source: Coinglass
The liquidation data from Coinglass hinted at discouraged buyers. The on-chain metric showed that long positions worth $410.98k were liquidated over the past 24 hours.
This amounted to 88% of the total liquidations within the period. This reinforced the difficulty bulls could encounter in their attempts to rebound from the current price level.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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