While Ethereum Classic’s market structure appeared bullish, momentum and volume indicators have turned bearish on the charts. After retesting the level of $25-support and nearly changing its higher timeframe market structure to bearish, Ethereum Classic (ETC) is now being faced with short-term bearish pressures enhanced by the negative sentiments from the U. S. May Jobs Report.
Ethereum Classic: $29 Support Fails, Latest Development
Despite touching $25. On June 7th, at the price of $ 07, Ethereum Classic stayed at the higher low of $ 25 it has been recently observed to occupy. 19 set on May 13 highlighted that better strength was established on the higher timeframe, though coupled with confusion.
Bullish & Bearish Principles: The DMI presents a sign of bearish trend change as the -DI (red line) is above the 20 level, as the ADX (yellow line) to go higher than 20 to signifies an actual downtrend.
Thus, such factor as the CMF stays at the level of -0. 09, it indicates negative net income for a week reinforcing more capital outflow, reversal calls for optimism in the market to begin.
Futures Market Reflects Strong Bearish Sentiment
It increased gradually from 31 to 28 after a steady increase. 7 over the last 10 days while Ethereum Classic had a sudden .14. From $0.92 to $0.63, a 32% depreciation in a single 4-hour trading session from the selling activity of Bitcoin but rebounded from $25. It then fluctuated to as low as $07 and then to $27 at most in the shortest time.
When spot CVD started declining at such a firm pace that it challenged a key level of support shown in Figure 3, Open Interest began a steep descent, and domestic volume indicators agreed with the decline; it is clear that the bearish sentiment is very strong and there is little incentive to take long positions due to large price swings.
For the bulls to begin a change of this pattern to a higher timeframe, there must be an effort to regain an uptrend on the lower timeframes.
