ETC is holding near $7.80. But is this a base forming, or just a pause before another leg down?
I'm watching Ethereum Classic because its daily chart is approaching an important decision point.
Here’s what stands out to me:
📉 1. The trend is still under pressure.
ETC is trading around $7.83, down 3.33% over 24 hours in my screenshot. After reaching roughly $9.50 in late September, the price has been making lower highs.
That tells me sellers still have something to prove before I consider the trend bullish.
📊 2. The moving averages tell two different stories.
The 7-day moving average is around $7.88, while the 25-day sits near $8.39. Price is below both, showing short-term weakness.
However, the 99-day average is near $7.60. That makes the $7.60-$7.80 area worth watching for a potential support reaction.
3. My bullish and bearish scenarios
🟢 Bullish: ETC holds above $7.60-$7.80, reclaims $8.00, and breaks through $8.40 with stronger buying volume. A sustained move could open a path toward $8.80-$9.00.
🔴 Bearish: ETC loses $7.60 and fails to reclaim it. That could expose the $7.40 area, followed by lower levels if selling accelerates.
These are scenarios, not guaranteed price targets.
My view: I'm not calling a bottom yet. I want to see buyers defend support and reclaim resistance with convincing volume. A bounce alone isn't confirmation.
The question is whether ETC can turn this support zone into a base, rather than simply delaying another decline.
💬 What do you think? Is ETC preparing for a recovery, or do you expect another move lower?
#EthereumClassic #CryptoAnalysis #altcoins #BinanceSquare $ETC Not financial advice. These levels are based on the chart provided and can change as market conditions evolve.