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Ethereum Classic presents a ‘buy the dip’ opportunity at this zone
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
As the broader market saw a hefty sell-off post Bitcoin’s retracement below $58k, Ethereum Classic threatened to overturn the bottom trendline which has been active for over 6 months. Should ETC’s defenses fail around $44, the market would be exposed to a potential 40% decline back to its April levels.
Bearish readings on the RSI, MACD, and Awesome Oscillator were ominous as ETC lay at the behest of near-term support levels in order to cushion losses. At the time of writing, ETC was trading at $49.05, down by 12% over the last 24 hours.
Source: ETC/USD, TradingView
Since the start of October, Ethereum Classic has
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