Has Ethereum Classic ETC/USD lost its glamour?

• Ethereum Classic has fallen from the August high of $45 to $27

• The decline in speculations for the cryptocurrency after the Ethereum merge has forced a bear market

• ETC faces an additional 15% fall amid weak sentiment

Ethereum Classic ETC/USD faces a decline up to the next support at $23. Although the token seems to have found minor support at $27, momentum remains weak. The established support remains at $23, implying a further 15% decline. What happened? 

Ethereum Classic traded at a high of $45 in mid-August. The price preceded investors’ interest following the much-anticipated Ethereum move to the Proof-of-Stake system. Investors speculated that the move could attract miners to Ethereum Classic, which uses Proof-of-Work consensus. Since Ethereum’s PoS shift, ETC has been bearish. 

Growth takes time. If the miners’ shift to Ethereum Classic is still a dream come true, ETC may take time before seeing lasting gains. Then, it means that the previous ETC gains were largely driven by speculations that have since subsided. Nonetheless, there are still doubts about whether there would be enough miners shifting to Ethereum Classic.

Ethereum Classic price movement as token finds support at $27

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Source – TradingView

Technical pointers are disappointing for anyone looking to buy an Ethereum Classic token. The bears recently forced a break below the moving average. A 20-day MA crossover below the 50-day MA has heightened weakness. 

Although ETC has found minor support at $27, the MACD indicator is deep in the bear zone. The price is slightly declining at the minor support zone, with weakening trading volumes.

What next for Ethereum Classic?

We should remain cautious on Ethereum Classic as the price remains bearish and vulnerable. A crash below $27 reinforces a bearish view and sets $23 in sight. Investors should stay away, at least in the short term and medium term.