Ethereum Classic [ETC] bulls are already showing signs of momentum weakness, after dominating especially in the second half of July.
A strong pullback was inevitable after the strong rally that Ethereum Classic delivered towards the end of July. ETC’s RSI has already retraced significantly below the overbought zone. On 10 August, it was below the 14-day SMA, confirming that the overall trend favored the bears.Ethereum Classic’s MACD collaborates the observation with the RSI as selling volume can be seen increasing. The MACD has already crossed below its signal line. The 26-day EMA is inverted below the 9-day EMA.The above indicators point towards an increased possibility of an extended bearish retracement in the next few days.
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