retested the $25-support level and nearly flipped its higher timeframe market structure bearishly. This came after an unfavorable U.S May Jobs Report. Its short-term momentum seemed bearish too., AMBCrypto noted that the $28.4-$29 zone could be revisited before a bounce. Ethereum Classic dropped more than expected. Ergo, the question – How do traders react to the recent price action?The recent higher low was set at $25.19 on 13 May. The price drop on 7 June, touched $25.
The Directional Movement Index saw the -DI jump above the 20-mark. It was an early sign that the trend could be shifting bearishly, as the ADX would also need to climb past 20 to signal a strong downtrend in progress. The CMF was at -0.09, indicating significant capital flow out of the market. This selling pressure has been present for a week. It would need to turn around for bulls to regain some hope.Over the past 10 days, Ethereum Classic has steadily risen from $31 to $28.6. The past 24 hours saw a flurry of selling activity spurred by Bitcoin though. Hence, ETC fell by 14.32% in a single 4-hour trading session, followed by a bounce from $25.07 to $27.
The Open Interest also fell sharply alongside the price, showing bearish sentiment and a reluctance to enter positions due to volatility. The spot CVD continued its downtrend too. The volume indicators agreed that selling pressure was firm.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »