Ethereum Classic Price: ETC Could Face Further Retracement

The Ethereum Classic price has been on a bumpy ride for the past few days. The ETC token has declined nearly 20% since the start of September. It is also moving more than 68% below its highest level this year in May. Ethereum Classic has a total market capitalization of $7.4 billion. The coin ranks as the 27th most valued digital asset in the world, sandwiched between  Vechain and Cosmos.

Cryptocurrency Sell-off

The overall crypto market has been under intense pressure for the past few days. However, on Wednesday, the crypto market was showing signs of recovery. According to data by CoinMarketCap, the global crypto market capitalization currently stands 2.25% higher at $2.13 trillion, up from $2.09 trillion in the previous day.

Bitcoin has been struggling to bounce back to the $50,000 level. However, its failure to surpass that critical level has dampened the general cryptocurrency market. The world’s leading digital asset has been among the worst-performing cryptocurrencies along with Ethereum. However, earlier today, the coins were hinting at a positive momentum.

The total volume of Ethereum Classic traded in the last 24 hours has slipped more than 22% to $807 million. This is an indication that most buyers are opting out of their trades to join better-performing coins. Therefore, this is certainly weighing on the Ethereum Classic price. Among the high-yielding coins in the market include Polkadot, Terra, Avalanche, Cosmos, Tezos, Elrond, among others.

Ethereum Classic Price Outlook

The four-hour chart indicates that the Ethereum Classic price has been under intense pressure for the past few days. At the time of writing, the ETC coin was trading at $57.33 after hitting an intraday low of $56.28.

The virtual coin is moving below the 50-day and 100-day moving averages, which is usually a bearish indicator. Its Relative Strength Index (RSI) has been moving higher and is steady at 51.

Therefore, the ETC price will likely face a minor retracement before bouncing back. The bulls need to gather enough momentum to push the price past the key resistance level at $60.