Ethereum Classic Price Analysis — March 2

Share On Facebook
share on Linkedin
Print

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.

©
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.

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.

ETCUSD – 4-Hour Chart

Key ETC Levels to Watch — March 2

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%

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210410 23:16:49