Ethereum Classic (ETC) price has extended its correction from recent highs. Here are the next goals

Ethereum Classic (ETC) has gone from $ 36.3 to over $ 170 since the beginning of May, and the current price is at $ 109. The cryptocurrency market remains under pressure, the price of Ethereum Classic may weaken even more in the coming days, and maybe this is not the best time to invest in this cryptocurrency.

Fundamental Analysis: The recent price hike has a less fundamental background

Ethereum Classic is a smart contract platform that allows users to exchange money, property, and stocks and manage digital assets without intermediaries. According to its official website, Ethereum Classic is one of the purest decentralized projects in the cryptocurrency space with a bright future.

Are you looking for quick news, hot tips and market analysis? Sign up for the Invezz newsletter today.

Ethereum Classic was launched on July 20, 2016 as a distributed network consisting of a blockchain ledger, native cryptocurrency (ETC) and a robust ecosystem. At the beginning of this year, Ethereum Classic was worth between $ 5 and $ 6, but this cryptocurrency has steadily increased in value since then.

The price of Ethereum Classic (ETC) has exploded since the beginning of May, and despite the current correction, there is no risk of a trend reversal for the time being. Ethereum Classic retains the original, unchanged Ethereum blockchain, but the recent price hike has a less fundamental background.

“The price has risen partly due to speculation after Ethereum’s massive rally, and partly because market participants speculate after the ETH 2.0 upgrade to ETC, which is more relevant. With ETH moving on to proof of stake and the ETC leaving a proof of work, traders are speculating on whether this postponement will give ETC the opportunity to act independently and offer an alternative to proof of the chain of holdings, ”said Joe DiPasquale, CEO of Cryptocurrency Hedge Funds BitBull Capital.

Ethereum Classic continues to trade on a bull market, the daily volume of this cryptocurrency remains high, but if the price falls below the USD 80 support it would be a firm sell signal.

Technical Analysis: $ 80 is a strong level of support

This cryptocurrency has made a huge leap in a short period of time. If you decide to buy Ethereum Classic (ETC) you should take into account that the price could also weaken compared to the current level. The liquidity of this cryptocurrency has increased dramatically this month, and despite the recent correction, Ethereum Classic continues to attract the attention of traders.

Data source: tradeview.com

The critical support levels are $ 100 and $ 80, $ 120, $ 140, and $ 160, which represent the current levels of resistance. If the price jumps above $ 120 in the coming days, it would be a signal to start trading Ethereum Classic (ETC) and the first target could be at $ 140.

A break above $ 140 will support the continuation of the uptrend and we have the road open to a resistance level of $ 160. On the flip side, if the price fell below $ 80, it would likely be a trend reversal sign and we have the open road to $ 60.

Summary

Ethereum Classic (ETC) has exploded since May 1st and this cryptocurrency continues to trade on a bull market. Despite the current correction, there is no risk of a trend reversal for now, but it would likely be a sign of a trend reversal if the price falls below the $ 80 support.