The market structure and the trend of Ethereum Classic were wholly on the side of the sellers and a bullish reversal was unlikely.
ETC’s market cap in BTC’sThe market structure and the trend were wholly on the side of the sellers. A reversal was unlikely, and another move down to a Fibonacci extension level was expected.The market structure of Ethereum Classic became bearish in the latter half of April, when prices fell below the $20.23 mark. Since then, the asset has posted a series of lower highs and lower lows on the chart.
The second half of May saw ETC enter a phase of price contraction. This could have been taken as a phase of accumulation, if only the OBV was in an uptrend. It was the opposite, and the sentiment in the market was also in favor of the sellers. The uncertainty in the crypto sphere and Bitcoin’s plunge below $26k saw Ethereum Classic dive by 26.6% from $17.18 to $12.61 on 10 June. A set of Fibonacci retracement levels was plotted based on this move. It showed the 50% and 61.8% levels in a region of imbalance that the quick dump had left behind.
Such an imbalance was seen at the $17.5 mark and is highlighted in white. It was partially filled before the price continued to trend downward. Therefore, a similar scenario could unfold in the coming days and presents a shorting opportunity targeting the 23.6% extension level. This idea would be invalidated if ETC pushes upward past $15.5 and $16.2 as that would signal bullish intent .On 14 and 15 June, Ethereum Classic bulls embarked on the toilsome task of driving prices higher.
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