Is the Ethereum Classic price losing Investors' support post-Merge?

• Ethereum Classic price has lost support from the 8-day exponential and 21-day simple moving averages.
• $ETC price shows an uptick in volume amidst the decline.
• Invalidation of the bearish thesis is a breach above the swing high at $42.50.

Ethereum Classic price could be setting up for a sharp decline targeting $22.50. Key levels have been identified.

Ethereum Classic price points south

Ethereum Classic price could be on its way toward a 25% decline. At the current time, the bears have breached both the 8-day exponential and 21-day simple moving averages. Amidst the breach, a significant uptick in volume entered the market. 

The technicals may come as a surprise as many investors have speculated the $ETC price to witness fruitful returns amidst the Ethereum Merge implementation. Nonetheless, the technicals suggest that the swing low near $30.50 stands a high chance of failing as support. 

$ETC USDT 1-Day Chart

Ethereum Classic price currently auctions at $31.94. The recent September high near $44 was rejected on the daily level at a critical barrier on the Relative Strength Index, Although traders may be looking for a 5th wave up to provide balance to the summertime rally, the $ETC may have already truncated on smaller time frames.

Invalidation of the bearish thesis can occur if the bulls can hurdle the $44 swing high. In doing so, they could print one more impulsive wave targeting the Springtime congestion zone at $62. Such a rise would result in a 90% increase from the current Ethereum Classic price.

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market..