Is Ethereum Classic Going to Zero? ETC Price Drops 7% as This New Crypto Project Raises $800,000
Ethereum Classic (ETC) has tumbled -7% in a dramatic rejection from severe resistance around the 20DMA, but as network activity slows - is Ethereum Classic going to zero?
The sudden fall comes amid a hard-fought resurgence for Ethereum Classic, which has been caught in a tumultuous downside slide since July 1.
Indeed, the Ethereum Classic network has seen a significant decline in activity since the last bull market in 2021 - with the number of active addresses falling to bear market levels.
And this comes as revelations emerge on Crypto Twitter suggesting that the Ethereum Classic network generated just $26 in fees over the past 24-hours - painting a bleak image of ecosystem growth.
Ethereum Classic remains reeling from the sudden decline, although steadfast support above $16 has caught the tumble with price currently trading at $16.00 (representing a 24-hour change of -0.06%).
The -7% drop comes after price shot-up +10.3% on August 30, in a major re-test of resistance from the 20DMA - which has suppressed upside price action for 48 days.
Despite the tumultuous rejection, support appears to be strong at $16 - this follows more than a week of consolidation at this key price level.
The 200DMA is still sat high above price action around $18.90, however, this is directly above a support level at $18.35 - forming an upside target for ETC.
Ethereum Classic's indicators provide some relief, with the RSI remaining cool at 43.49 - suggesting ETC is oversold at these levels.
While the MACD also showcases continued bullish divergence at 0.11 - further signalling that upside pressure remains.
With indicators leaning bullish, it seems Ethereum Classic will continue to consolidate and test the 20DMA.
To the upside, if Ethereum Classic bulls
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