Ethereum Classic Price Analysis — February 22

Ethereum Classic (ETC) is trading on a depressed momentum in the early trading hours on Monday, as most of the cryptocurrency market bleeds. The crypto market downturn got sponsored by the recent $3,000 drop in the price of Bitcoin (BTC).

Also, Ethereum (ETH) went back under the $2,000 round figure, exerting extra pressure on the ETC. That said, the entire cryptocurrency market cap has shed more than $70 billion over the past 24 hours.

The BTC correction got triggered by a rejection from its recent recording of a new all-time high at $58,480.

Meanwhile, most of the rest of the cryptocurrency market is down, with the ETC/USD trading down at -2.5% at $15.34 at press time. Polkadot (DOT), Cardano (ADA), and Chainlink (LINK) are trading down by -2%, -5%, and -4%, respectively.

Ripple is currently trading up at +14%, following reports that the cryptocurrency is now recognized as a business in Wyoming.

Meanwhile, Grayscale recently reported that it now has 12.28 million ETC under its management, boosting the prospects of a strong recovery in the cryptocurrency in the coming days.

Key ETC Levels to Watch — February 22

Following a five-day-long consolidation between the $16.00 resistance and the $14.02 support, Ethereum Classic finally facilitated a bullish surge to the $17.60 high. However, this surge got rapidly undone by bears, who took the price back to the $14.40 area.

The cryptocurrency has since recovered from that fall but is now faced with the strong $16.00 hurdle. That said, ETC is nearing the end of our wedge pattern, indicating that it could facilitate a spike in either direction soon (however, most likely to the upside).

Meanwhile, our key resistance levels are at $16.00, $17.85, and $19.22. While our key support levels are at $14.02, $12.46, and $10.57.

Total Market Capitalization: $1.69 trillion

Ethereum Classic Market Capitalization: $1.7 billion

Ethereum Classic Dominance: 0.1%

 

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