Based on what we saw last night, it would appear as though Ethereum price and Ethereum Classic price are both hurtling down that shaft in search of the basement floor. But keep an eye on this. That sort of dynamic can change in a heartbeat.
Ethereum (ETH) has been a poster boy of underperformance, barely flinching to the upside during the cryptocurrency asset class-wide bounce during the month of July, and then rolling through a sloped support level without a blink after rubbing off a declining 50-day simple moving average.
That is led to a steady downward trend in ETH, which in turn led to a break of the coin’s April lows. Now, we are in search of more important lows, and last night’s action may be starting to probe the areas we want to see.
Most importantly, with the 14-day RSI measure already signaling massive oversold extremes, we have to look at the $275 level as potentially a key line in the sand for Ethereum (ETH).
Ethereum Classic (ETC)
Ethereum Classic (ETC) is an interesting case. It was only a week ago that everyone on the planet was touting this as the coin that would avoid this leg of the bear market.
But, as we discussed in some of our analysis, headline-driven rallies are not secure during bear market contexts. And that’s exactly what we saw with Ethereum Classic (ETC).
It was rallying a few days ago because the coin had been picked up by some major exchanges. But that’s exactly the kind of catalyst that can lead to a quick “suck them in and spit them out” kind of bear market rally, destined to roll over and wield severe pain for those sucked in at the highs.
Ethereum Classic (ETC) powered itself higher during that news-inspired craze, only to be rebuffed by resistance at a declining 200-day simple moving average in confluence with the $20 level.
At this point, all eyes are on the support between $9.50 and $10.00.
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