• Ethereum Classic (ETC) failed to clear a major price barrier at $23, ushering in a selling wave that took the price below $20.2.
• Bulls can look to the $17.6 support level for a price rebound, however this is hinged on Bitcoin staying above $30k.
• On-chart indicators such as RSI and OBV don’t offer any clear signals for buyers or sellers.
Price Rejection of Ethereum Classic
Ethereum Classic (ETC) recently failed to break through a key resistance level at $23, pushing the price back down below the support line of $20.2. Despite this recent bearish movement, there may be opportunities for short-term buying if bulls are able to rebound from the current levels around $19.
Potential Price Rebound
Bulls have seen significant pullbacks when attempting to break through the major supply zone of $23-$24 in Q1/Q2 2023. However, if bearish momentum continues, buyers can capitalize on potential profits by looking towards the lower support line of $17.6 as a possible entry point with potential profit levels set at around the higher resistance line of $20.2. This short-term buying opportunity will largely depend on Bitcoin remaining stable above its current mark of around $30k. If BTC dips below this mark then it could invalidate any potential for bullish rebound and push ETC towards further losses with potential targets set at around the lower boundary of $16.5 .
On-Chart Indicators
When looking closer at chart indicators such as RSI and OBV there is no definitive direction being signalled as both remain relatively neutral with RSI hovering around 50 and OBV displaying some increased demand earlier in July but flattening out since then to indicate easing pressure in general market sentiment for ETC .
How Many ETCs?
One Ethereum Classic (ETC) is currently trading at approximately 19 USDT (as of press time). Therefore 10 ETC would cost 190 USDT while 100 ETC would cost 1900 USDT .
Conclusion
Overall Ethereum Classics‘ failure to break past key resistance levels has caused a selloff in prices taking them beneath their prior support levels however there may still be chances to capitalize on short term buying opportunities depending on whether Bitcoin remains above its mark of 30k USDT or not and how other chart indicators respond over time .
