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Ethereum Classic Slides In Tandem With Bitcoin, Ethereum: Here's Where To Watch For The Bounce – Benzinga – Benzinga

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Ethereum Classic ETC/USD was falling about over 6% lower on Tuesday, in sympathy with Bitcoin BTC/USD and Ethereum ETH/USD, which were sliding over 3% and 4%, respectively.
The cryptocurrency sector has recently tied itself to the general markets again, often trading in tandem with the S&P 500, which has been turbulent at best over much of 2022, frustrating day traders and investors alike. Geopolitical events such as the Russia/Ukraine crisis and rising interest rates have added bearish pressure to the indexes as many weigh whether the U.S. is headed into a potential recession.
Since March 23, Ethereum Classic has lost 41% of the 110% move to the upside that the crypto made between March 16 and March 22. In its decline, Ethereum Classic has developed a descending channel pattern on the daily chart, making lower lows and lower highs between two parallel trendlines. The pattern is bearish for the short term, but can be bullish down the road.
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The Ethereum Classic Chart: Ethereum Classic has been trading in a consistent downtrend within the falling channel, with the most recent lower high printed on April 14 at $39.13 and the most recent confirmed lower low formed at the $34.28 mark on April 21. Eventually Ethereum Classic will have to bounce up, to at least print another consecutive lower high, which may provide bearish traders with a solid entry point.
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See Also: Why Bitcoin (BTC), Dogecoin (DOGE) Are Rebounding Today
Photo: Courtesy of ETC on Flickr
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