The ETC price hovers over the important support –

The price of Ethereum Classic has been falling since mid-August. The coin has held on to the crucial $ 60 level around a mustache. The coin’s total market cap is down 2.25% to $ 7.75 billion. Ethereum Classic is the 21st largest cryptocurrency in the world, nestled between Stellar and Avalanche.

ETC price promotion

In the past 24 hours, the total volume of Ethereum Classic has increased 37.64% to $ 3.82 billion. The Ethereum Classic price has plunged 11.83% in the past seven days. In the past 24 hours, the price has fallen by almost 2%.

While there is no immediate catalyst for the fall in prices, analysts have linked it to the easing of Ethereum’s rally. Ethereum is the world’s largest altcoin and the second largest digital asset after Bitcoin.

In the past seven days, the Ethereum price has fallen 3.25%. Hence, Ethereum’s decline dampened ETC’s rally. Ethereum Classic is a hard fork of Ethereum that was introduced in 2016, hence their close correlation.

Analysts have also linked the decline in the ETC to the general decline in the crypto market. The decline in the price of Bitcoin pushed the entire cryptocurrency market down. Uncertainty about the coin’s outlook is still hovering over the markets.

Classic analysis of Ethereum

The ETC token is hovering slightly above the key support level at USD 60. Crypto has plummeted more than 22% since its peak in August. At the time of writing, the coin was trading 1.14% higher at $ 60.45 after hitting an intraday low of $ 58.64.

The 4-hour chart indicates that the coin is trading below the 25- and 50-day exponential moving averages. The altcoin is also trading slightly above the 200-day moving average. It was also trading below the descending trend line.

In the short term, I expect the digital asset to be between $ 60.0 and $ 64.25. The bulls need to gain momentum to push the price above the $ 70 psychological level.

ETC price chart

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