Ethereum Classic's 1.60% Price Drop to $16.04: Key Insights for August 31, 2023

Ethereum Classic's price has seen a 1.60% decline over the past 24 hours, dropping from $16.31 down to $16.04. This puts ETC's market capitalization at $2.29 billion. In this report, we will analyze Ethereum Classic's latest price action and trading volume, identify key support and resistance levels, and provide an outlook on where ETC could be headed next.

Summarizing the data, ETC's trading volume over the past 24 hours stands at $126.28 million. Over the past hour, the price rose slightly by 0.23%, but the 1-day and 7-day changes remain in the red at -1.60% and -0.78% respectively. Zooming out further, the monthly and 6-month changes paint a more concerning picture, with ETC down -14.58% and -22.71% respectively during those time periods.

The mostly downward trajectory across short and long-term timeframes suggests Ethereum Classic is currently in a bearish trend. However, the coin has found support around the $16 level over the past few days. This previous resistance level appears to have flipped into support, which could signal a potential bullish reversal if ETC can maintain its footing here.

Analyzing Ethereum Classic's price chart, we can identify several key levels that traders are watching closely. On the downside, the $16 support area is crucial for bulls to defend. A breakdown below this level could see ETC test its next support around $15.50. On the upside, resistance is expected at $16.50, the 50-day moving average near $17.15, and then at the psychological $18 level.

In order for ETC to confirm a bullish breakout, it would need to push above the 50-day MA and challenge the $18 resistance zone. This is where the trading volume profile also comes into play. If buying volume can increase significantly as ETC attempts a breakout, it would provide confirmation that bulls are regaining control.

Will Ethereum Classic Revisit Its Lows or Reverse Higher?

Looking ahead, Ethereum Classic has a few paths forward based on the key support and resistance levels discussed. If the $16 support breaks down, ETC could revisit its recent swing low around $15.50 and even lower to around $14 if bearish momentum accelerates.

On the bullish side, if ETC can close and hold above the 50-day MA, the door opens for a push back towards the $18-$20 zone. However, ETC faces substantial overhead resistance given the stiff downtrend of the past month and 6 months. Bulls have their work cut out in proving this recent bounce is anything more than a dead cat bounce before excitement builds about a real trend reversal.

An Opinion: Ethereum Classic Likely to Trade Sideways Near-Term

Given the sharply bearish trend from ETC's all-time high near $176, my bias is neutral to bearish for Ethereum Classic over the next 3-6 months. While the crypto market could see short squeezes and relief rallies, the macro environment still favors risk-off conditions in my view.

I expect ETC will mainly range trade between $14-$18 over the next few months as bulls and bears battle for control. Eventually, if the crypto market capitulates deeper, ETC could revisit the $10-$12 zone which lines up with support from 2020 before the parabolic 2021 advance. Upside appears limited to the $22-$25 resistance zone if broader crypto sentiment improves.

Traders should watch for a decisive break above or below the key $14-$18 range for the next significant directional move. Use caution entering positions within the range until a breakout takes shape. The choppy price action recently suggests low conviction from both buyers and sellers near current levels.


In summary, Ethereum Classic has seen its price decline 1.60% over the past 24 hours to $16.04. The cryptocurrency appears trapped in a bearish trend across short and long-term timeframes. While ETC has found some support around $16, it faces substantial overhead resistance that could limit further upside in the near-term.

My outlook is neutral/bearish biased given the prevailing macro backdrop still favors risk-off conditions. However, traders should continue monitoring the key $14-$18 range for ETC's next decisive move which could set the stage for the next major trend. I expect choppy range-bound action over the 3-6 month timeframe, but remain flexible as new data comes available.

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