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Here’s how Ethereum Classic bulls can negate an additional 30% sell-off
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Ethereum Classic sits on the precipice of an additional 30% market decline as bears prepare to turn the screws below the $43.7 support. For the moment, a lower sloping awaited a fourth retest, should ETC fall prey to near-term woes. From there, a small window of opportunity would present itself but ETC would need to break above its MA’s to fully capitalize on its recovery attempt.
Source: ETC/USD, TradingView
Ethereum Classic may not have had an adverse reaction to a wider market sell-off just yet, but it’s worth noting that its price traded below the 20-SMA (red), 50-SMA (yellow) and 200-SMA (green) and faced the threat of short-selling.
Should sellers bust open ETC’s cracks below $43.7 support, the market could see a 16% shakedown to 21
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