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The past few days have been very tough on Ethereum Classic (ETC) and the entire cryptocurrency market. The ongoing market crash was triggered by a tweet from Elon Musk, stating that Tesla would no longer accept Bitcoin payment for its vehicles because of environmental concerns.
This announcement struck a negative chord for crypto traders, who began liquidating their holdings.
Ethereum Classic fell by more than 30% following the announcement on May 12. at press time, ETC trades at -4%, while Bitcoin is down by -7%.
Meanwhile, Ethereum (ETH) posted a massive drop to the $3,120 low earlier today. ETH currently trades at -6%. Binance Coin (BNB) also saw a significant plunge today, recording a four-week low of $483. The third-largest cryptocurrency currently trades at -9%.
Other large-cap altcoins, including Cardano (-11%), Dogecoin (-5%), Bitcoin Cash (-8%), Litecoin (-6%), Chainlink (-7%), and Uniswap (- 7%) all recordedsignificant declines.
Heftier loses were seen in the mid-and-small-cap sector, with Venus (-25%), Qtum (-14%), Huobi Token (-12%), Stacks (-12%), Ontology (-11%), Stellar (-11), Zcash (-11%), Bitcoin Gold (-11%), and OMG Network (-11%) all printing double digit loses.
That said, the cryptocurrency market capitalization slipped below $2 trillion for the first time in a long while this week. Despite having climbed back above the $2 trillion figure, reports show that over $400 billion seeped out of the market over the last five days.
Key Ethereum Classic Levels to Watch — May 17
Ethereum Classic has struggled to muster a decent bullish bias since its fall from its recent all-time high at $175. That said, the seventeenth-largest cryptocurrency is currently trading a the edge of a converging triangle, indicating that a sharp move (in either direction) is imminent.
A break above the $92.50 level should open the door for a bullish recovery for the ETC over the coming hours. However, failure to break above this level could send this cryptocurrency to retest the $80.00 support.
Meanwhile, our resistance levels are $94.15, $100.00, and $105.00, and our support levels are $85, $80, and $75.
Total Market Capitalization: $2.05 trillion
Ethereum Classic Market Capitalization: $10.5 billion
Ethereum Classic Dominance: 0.51%
Market Rank: #17
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