Ethereum Classic Sheds $2.5 as the Entire Cryptocurrency Market Bleeds on Monday

Ethereum Classic Sheds $2.5 as the Entire Cryptocurrency Market Bleeds on Monday

Ethereum Classic (ETC) saw a sharp drop in the Asian session on Monday, as the entire cryptocurrency market plunged. The sharp drop likely got sponsored by a massive correction in Bitcoin (BTC), which recently attempted the highly-coveted high of $50,000.

That said, the decline got triggered by massive sell walls positioned at the round figure.

BlockTower Capital CIO Ari Paul noted that this was a “brief and minor correction,” but he still believes we are in the middle of a “violent bull run.” Meanwhile, Dan Held, the Director of Business Development at Kraken, recently asserted that this could be one of the large major “supercycles,” indicating that this market decline is not over yet. That said, ETC could continue on a downward slide in the coming hours if this BTC correction persists.

Ethereum Classic is currently sitting at the 45th position in terms of largest cryptocurrencies based on market cap, according to CoinMarketCap. The cryptocurrency has come a long way since its heart-wrenching 51% drop in August last year. The altcoin has since surged more than 100% from its August highs. At press time, the cryptocurrency is trading at $14.10, down by about 10% on the day.

The top exchanges for trading this crypto asset are Binance, Huobi Global, OKEx, HBTC, and BiKi. Meanwhile, Wrapped ETC tokens were first listed on decentralized exchanges (DEX) like Uniswap and Sushiswap just a week ago.

ETCUSD – Hourly Chart

Key ETC Levels to Watch — February 15

ETC is currently suffering a massive bearish blow, as the cryptocurrency has shed about $2.5 since the start of the session on Monday. Given the current market dynamics, we expect to see additional declines to the $12 area over the coming hours. However, this near-term bearish bias could get broken if the cryptocurrency successfully defends the $14.02 support level.

Meanwhile, our key resistance levels are at $15.99, $17.85, and $19.22. While our key support levels are at $14.02, $12.46, and $10.57.

Total Market Capitalization: $1.43 trillion

Ethereum Classic Market Capitalization: $4.58 billion

Ethereum Classic Dominance: 0.3%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.