- Ethereum adds 2% on the day as the market continues to deflate.
- ETC/USD initial support rests at $3.8; primary support highlighted by $3.3 lows.
In every generalization there must be an exception. The same is true with financial market including the cryptocurrency market. Even in a bear market there is always one asset that is able to stay afloat and remain in the green. Today, that asset is Ethereum Classic, which is correcting higher on the day by 2%.
The recent decline found support at $3.3 before resuming the uptrend inside a bullish channel. The upside has been capped at $4.2 and ETC/USD bears seem to be getting ready to revenge and push the price towards the initial support at $3.8. Another support is highlighted at $3.6 while the major support rests at the recent lows, $3.3.
The stochastic on the hourly timeframe chart has changed direction south indicating the growing selling pressure. Likewise, the price is now trading below the moving averages. Ethereum Classic is in danger of declines below the bullish channel.
ETC/USD 1-hour chart
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