AltcoinsCardano (ADA)CryptocurrencyCryptocurrency ExchangesEthereum Classic (ETC)Price Analysis

ETC Falls Below Crucial Level Amid Ergo Issue

The price of ETC has fallen below $27 as a direct consequence of this discussion, which may have been one factor that led to the cryptocurrency’s dismal performance.

The ETC issue started when Ergo took over a Twitter account affiliated with ETC and used it to spread false information. According to the official statement, there is significant support for the study among the ETC network found on Twitter.

Twitter Account Controversy

There was substantial contention brought about by the assertions of a sizeable number of individuals that Charles Hoskinson. An employee of Cardano was responsible for the takeover of the account. Hoskinson’s past critiques have sown the seeds of strife within the ETC network.

But Ergo was very transparent about its goals and intentions. Its purpose is to facilitate the creation of decentralized apps and intelligent contracts. The company’s partnership with ETC has the potential to clear the way for the development of decentralized apps.

Investor mood may have been impacted by the conflict between Ethereum Classic community members and Ergo. On the 10th of October, the price of ETC was $25.97. It represents a little more than a 10% decline from its weekly highs.

Recently, there has been a substantial amount of selling pressure on ETC. Which has resulted in the price falling below the $27.60 barrier. 

This support zone was quite significant since the 0.352 Fibonacci level occurred to correspond with it at the same time. The bearish price action that was taking place in this region was met with resistance. It suggests that accumulation is taking place close to the $27 level.

Following the Merge, the initial enthusiasm that surrounded Ethereum Classic has subsided. Since then, ETC has had volume problems, which have been exacerbated by weak organic demand.

As a further consequence of the continuance of its negative trend, ETC’s volume dropped to a level not seen in the preceding four weeks. On the 10th of October, despite this. We were able to see that the level of development activity at ETC was still relatively high. 

Despite this, there hasn’t been much of an improvement in the upbeat attitude. And the ETC hasn’t been protected from additional losses by the increased building activity.

For the last several weeks, financing rates on FTX and Binance have been around their record highs. Derivative market activity for ETC also reflected a demand pattern of proportion to the price movement.

Investigating The Possibilities

The indicators discussed before were seen as perhaps signaling a turn. The factors we have just investigated could catalyze a shift in perspective.

The $25–$30 price range, have previously served as both a support and a resistance zone, was ETC’s next prospective support zone. After that, the next potential level of help would be the 0.235 Fibonacci regions. 

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