- Ethereum Classic price sliced through a supply zone, stretching from $59.43 to $80, signaling weakness.
- A retest of $59.43 leading to a 35% downswing seems likely.
- If the buyers produce a decisive close above $80, it will invalidate the bearish thesis.
Ethereum Classic price is overrun by sellers that pushed it to slice through a pivotal resistance area. Now, ETC might continue to head lower as bullish momentum seems to have vanished.
Ethereum Classic price continues to bleed
Ethereum Classic price has dropped 72% from its all-time high at $179.83 and hints that this crash could continue. During this massive sell-off, ETC formed a demand zone that extends from $59.43 to $80. However, the bears disregarded the support and sliced through it, flipping it into a supply zone.
The next course of action for Ethereum Classic price is to either test the lower boundary of the resistance area at $59.43 and head lower or continue to free fall from its current position ($51.52). Assuming a retest of $59.43, ETC could stand to depreciate 20% to tag the immediate support at $46.47. A breakdown of this barrier will serve as a confirmation of the downtrend.
In that case, the altcoin could slide 15% to tag the subsequent support floor at $39.79. If the bearish momentum continues to pour in, $33.60 and $27.75 are the following areas of interest.
While things look grim for Ethereum Classic price, if the bid orders pile up piercing the supply zone, ranging from $59.43 to $80, it will signal the presence of interested buyers.
However, a decisive 12-hour candlestick close above $80 will invalidate the bearish outlook and indicate the start of an uptrend. In that case, if the sidelined investors jump on the bandwagon, ETC could 20% test the resistance barrier at $95.66.