After three days of consecutive declines, Ethereum classic recovered on Wednesday. This token fell below $40.00 earlier in the week and trades below that level before tomorrow's merge event. However, Solana prices fell by more than 8% today.
After three days of lower lows, Ethereum Classic (ETC), rebounded Wednesday
The token was slightly higher less than 24 hours prior to the start of The Merge. It bounced from a critical support point during the process.
After the three-day losing streak on Tuesday, ETC/USD dropped to $35.10 on Tuesday. Bulls held firm and pushed prices to $37.57.
The chart shows that today's rebound coincided with the 14 day relative strength index (RSI), which bounced from a support level of its own.
The RSI climbed above its 48.10 floor and is currently tracking at 52.61 as of writing. This is below a ceiling level of 56.30.
If bulls want to reenter $40.00, the RSI must move above the resistance level.
After trading at a three week high, solana (SOL), also traded below $40.00 today.
After a Tuesday high of $39.00, SOL/USD fell to $32.87 on Wednesday.
The drop in prices is a result of a seven-day winning streak, and prices are now at a one week low.
SOL's Wednesday drop brings it close to $32.70, its long-term support level. This has historically been a bullish area.
History repeats itself with bulls returning to the market and moving solana from previous lows.
These bulls will need to stay in the market if they want to reach their next price target of $36.20.
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Can solana recover from its current decline and capture $36.20 this week. We'd love to hear your comments.
By: Eliman Dambell
Title: Biggest Movers: ETC Trading Below $40.00 Ahead of Thursday’s Merge Event
Sourced From: news.bitcoin.com/biggest-movers-etc-trading-below-40-00-ahead-of-thursdays-merge-event/
Published Date: Wed, 14 Sep 2022 15:30:14 +0000
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