Ethereum Classic breaks the support level at $6

Ethereum Classic breaks the support level at $6
  • Ethereum Classic saw a strong surge that brought it to a new 12-month high in early 2020.
  • However, its price started crashing down even before mid-March crash.
  • After the crash, ETC saw recovery, but it lost its strength a month ago, and it kept going down since.

Ethereum Classic was on its way to recovery in months following the mid-March price crash, but over the course of the last month, the coin seems to have lost strength. It even broke one of its major support levels a few days ago — something it will have to work extra hard to recover from in the future.

Ethereum Classic skyrockets in January

Ethereum Classic (ETC) price saw an excellent performance from the very start of the year.

In the first weeks of January, while most coins still struggled, uncertain whether they will go up or down, ETC started surging. In the beginning, its price made only small jumps, often encountered by small resistances.

However, they were always broken with relative ease, and by mid-January, ETC made another massive surge that took it up from $5.50 to nearly $12.

Ethereum Classic 1

However, the level at $12 was a strong resistance — one that rejected the price all the way down to its support at $9. The support broke, although the price quickly started growing again, trying to breach the new resistance that formed at $9.

The price struggled with this support from around 10 days, from January 18th to January 28th, after which it skyrocketed again, making another run to $12, and it even spent the majority of February trying to breach it and make it its new support.

Unfortunately, it never succeeded. As February started approaching its end, the price once again dropped to $9, where it remained until March.

ETC after the March crash

While most coins managed to hold rather well and even try another surge by the time the March crash had arrived, ETC was spiraling down even before COVID-19 fears knocked down the entire crypto market. By the time prices started dropping, ETC was struggling to breach a resistance at $8.5.

After the crash, however, it found itself right where it started n January 1st — at around $4. For the rest of March and April, ETC was growing, slowly but surely, and in early May, it even climbed back up to $7.

Ethereum Classic 2

However, this level became a resistance that it has not breached yet. Its price was kept down by this resistance, and supported by $6 throughout May and June. About a week ago, this level got broken, and ETC once again fell below $6.

Considering that the coin made multiple attempts to go up, this might be a good opportunity for those interested to buy Ethereum Classic. Its price has seen the lowest points in the past 12 months, although it is pretty much at the same level where it was around a year ago.

Conclusion

Ethereum Classic has been struggling with its prie in the past 12 months, although the first few months of 2020 were rather generous towards it. Still, the coin has shown that it has potential, and that there are still high prices that it is capable of reaching.

Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.