- Ethereum Traditional (ETC) flashed a normal downtrend with lowering value highs and lows, coupled with diminishing buying and selling volumes
- A bearish ‘loss of life cross’ steered a possible long-term downtrend
Ethereum Traditional (ETC) has been a staple within the cryptocurrency market, however by no means anticipated to go 100x. Nonetheless, 2024 is broadly anticipated to be a really bullish yr for the market, much more so than it has already been. Nevertheless, issues have slowed down lately, and markets have tumbled.
So, what about ETC? What’s its destiny for the remainder of the yr?
![Is a Strong 2024 Still in the Cards for ETC?](https://ambcrypto.com/wp-content/uploads/2024/06/Ethereum-Classic-Price-Volume-Spot-All-Exchanges.png)
![Is a Strong 2024 Still in the Cards for ETC?](https://ambcrypto.com/wp-content/uploads/2024/06/Ethereum-Classic-Price-Volume-Spot-All-Exchanges.png)
Supply: CryptoQuant
Since late Might and into June, the development has appeared typically bearish as ETC’s value made decrease highs and decrease lows – A traditional indication of a downtrend. This current decline in value could be coupled with diminishing buying and selling quantity – An indication of a discount in investor curiosity and market fatigue.
Sometimes, low quantity throughout a downtrend may counsel a scarcity of conviction within the sell-offs, but it surely might additionally imply that fewer patrons are current to push the value again up.
![Is a Strong 2024 Still in the Cards for ETC?](https://ambcrypto.com/wp-content/uploads/2024/06/download-4.png)
![Is a Strong 2024 Still in the Cards for ETC?](https://ambcrypto.com/wp-content/uploads/2024/06/download-4.png)
Supply: Coinglass
A hike of +5.56% means heightened buying and selling exercise in ETC derivatives, which could be speculative shopping for or promoting. In truth, the notable spike appeared to align with a peak in ETC’s value line, probably pointing to a speculative rush that was not sustained and led to cost retraction.
![Is a Strong 2024 Still in the Cards for ETC?](https://ambcrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-21-at-14.30.27.png)
![Is a Strong 2024 Still in the Cards for ETC?](https://ambcrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-21-at-14.30.27.png)
Supply: Coinglass
Demise Cross indicators extended downtrend
The 50-day transferring common lately crossed beneath the 200-day transferring common, indicating a bearish ‘loss of life cross.’ This sample sometimes is an indication of a long-term downtrend.
The value peaked at round $35 in March, adopted by a pointy decline. After that, it consolidated across the $30-mark earlier than breaking beneath the 200-day transferring common.
![Is a Strong 2024 Still in the Cards for ETC?](https://ambcrypto.com/wp-content/uploads/2024/06/ETCUSD_2024-06-21_14-39-41.png)
![Is a Strong 2024 Still in the Cards for ETC?](https://ambcrypto.com/wp-content/uploads/2024/06/ETCUSD_2024-06-21_14-39-41.png)
Supply: TradingView
Earlier help ranges could be noticed across the $25-level, which have now been breached and should act as resistances if a value restoration try happens. The subsequent key help is probably going across the $20-level, which might be examined if the prevailing bearish development continues.
In conclusion, the hike in promoting quantity plus the breach of prior help ranges tells us that the bears are right here to remain.