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
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.
