The Ethereum Classic price has lost approximately 5% in valuation within the past 24 hours, making it one of the top losers in the crypto industry for the day. Further, the market displays a constant bearish movement, suggesting a strong bear power.
The Ethereum Classic price traded in a closed range between $20.32 and $21.94 for a period, following which the bulls gained momentum and the price broke out of the range. However, the rally was short-lived as the price faced rejection at $23.45.
After this, the price traded between $21.94 and $23.45 for about a week. As the bears overpowered the bulls, the ETC price recorded a correction of approximately 15% in valuation.
Following this, the price traded in a consolidated range between $18.77 and $21.94 for a brief period. The bulls regained momentum, resulting in the Ethereum Classic price jumping over 42% in valuation within a day.
After facing rejection at $31.23, the price has been constantly trading under a descending channel pattern, indicating a strong bearish influence in the market.
Will ETC Price Regain Value?
The Relative Strength Index (RSI) displays a neutral trend, suggesting weak buying and selling pressure in the market. Further, the averages show a constant decline, suggesting an uncertainty in the future price action of the coin.
If the market regains value, the ETC price will test its resistance level of $29 soon. Maintaining the price at that level will set the stage for the Ethereum Classic price to attempt to test its upper resistance level of $31.23 in the coming days.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $25.04. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $23.45.