Ethereum Classic (ETC) traded with a mild bullish momentum in the early trading hours on Monday, as the cryptocurrency market slowly recovers from last week’s crash. The crash caused Bitcoin (BTC) and other cryptocurrencies to fall by double-digits under a few hours. At press time, ETC is trading at $10.80, up by about 3.3% on the day.
That said, the cryptocurrency market crash occurred in tandem with the entire legacy market. News reports show that Nasdaq 100 recorded its biggest slump since October last year, as US Treasury bond yields bolstered market mood.
The cryptocurrency market’s correlation with traditional financial markets and some of the largest indices, including the NASDAQ Composite and the S&P 500, is becoming increasingly glaring. Nonetheless, the cryptocurrency market took a massive beating last week, as it saw more than $300 billion get shaved off its valuation.
However, not all cryptocurrencies had a red weekend. Cardano (ADA) appeared to be unfazed by the bearish conditions surrounding the market and kept rising.
Meanwhile, the recent market correction can be construed as a healthy and necessary one, considering that the market had been on a parabolic bull run for several weeks before now. Naturally, investors begin to take out profits as markets get overleveraged, like what we just witnessed.
Key ETC Levels to Watch — March 1
ETC is currently recovering from last week’s battering, which sent the fifty-fifth-largest cryptocurrency near the $9 area. That said, the cryptocurrency is trading below a descending trendline and has to break above this line to continue on this bullish momentum. This trendline is coinciding with the $11 psychological level, making it a crucial resistance for ETC.
Nonetheless, Ethereum Classic is currently deep in oversold conditions on our 4-hour chart, indicating that we could see a return to neutral levels (at least) on our MACD indicator in the coming days. This technical indication, coupled with the prevailing recovery mode across the crypto market, should boost the ETC in today’s session.
Meanwhile, our key resistance levels are at $11.00, $12.00, and $12.46. While our key support levels are at $10.57, $10.00, and $9.00.
Total Market Capitalization: $1.45 trillion
Ethereum Classic Market Capitalization: $1.2 billion
Ethereum Classic Dominance: 0.08%
You can purchase crypto coins here: Buy Coins
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.