The Ethereum Classic price has been on a decline since mid-August. The coin has been hanging on to the crucial level of $60 by a whisker. The coin’s total market capitalization has slipped 2.25% to $7.75 billion. Ethereum Classic ranks as the 21st largest cryptocurrency in the world, sandwiched between Stellar and Avalanche.
ETC Price Action
In the last 24 hours, the total volume of Ethereum Classic traded has jumped 37.64% to $3.82 billion. The Ethereum Classic price has taken an 11.83% nosedive in the past seven days. In the past 24 hours, the price fell nearly 2%.
While there is no immediate catalyst to the price decline, analysts have linked it to the easing of Ethereum’s rally. Ethereum is the world’s biggest altcoin and the second largest digital asset after Bitcoin.
For the past seven days, the Ethereum price has been on a 3.25% decline. As such, the decline in Ethereum dampened ETC’s rally. Ethereum Classic is a hard fork of Ethereum launched in 2016, hence their close correlation.
Analysts have also linked the decline in ETC to the overall decline in the crypto market. The decline in Bitcoin’s price pushed the overall cryptocurrency market lower. Uncertainty over the coin’s outlook is still hovering over the markets.
Ethereum Classic Analysis
The ETC token is slightly hovering over the key support level at $60. The crypto has slumped more than 22% from its highest point in August. At the time of writing, the coin was trading 1.14% higher at $60.45 after hitting an intraday low of $58.64.
The 4-hour chart indicates that the coin is trading below the 25 and 50-day exponential moving averages. The altcoin is also trading slightly above the 200-day moving average. It has also been trading below the descending trendline.
In the near term, I expect the digital asset to be range-bound between $60.0 and $64.25. The bulls need to gather momentum to push the price past the psychological level of $70.