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The post <a href="https://coinpedia.org/price-analysis/altcoins-rally-stumbles-again-etc-price-hints-a-correction-of-15/">Altcoins Rally Stumbles Again! ETC Price Hints A Correction Of 15%?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
After concluding the first month of the year positively, the crypto industry has started the month of February on a strong bearish note. The market has displayed a correction of over 8% in valuation with the <a href="https://markets.coinpedia.org/ethereum-classic/" target="_blank" rel="noreferrer noopener">ETC price</a> losing 6.65% within the past day. 
The <a href="https://coinpedia.org/price-prediction/etc-ethereum-classic-price-prediction/">Ethereum Classic price</a> traded in a narrow space between $21.94 and $23.45 for a period, following which the market lost momentum and the price experienced a correction of 13.32% in valuation. After this, the price constantly traded in a closed range between $18.77 and $20.32 for about a week. 
Following multiple failed attempts, the bulls successfully broke out of the resistance level. A day before the deadline for the Bitcoin ETF Spot decision, the Securities and Exchange Commission (SEC) ruled out a statement confirming the approval of it. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/CV7n58ehXVGNzRQGCvgqMqE06vCo-jwxsydgsF0b8oSyrDCDqALjDy2duhTxIfDuHZYITBi7ynTziVzdepxbZdHXD55X0ohAYQzbDrJQHZf1OWVcgVlkyvHpzGGZ4BP_BeBsr99h-8z-DyKatHkgRM4" alt="ETC Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: ETC/USDT
 </figcaption>
</figure> 
This resulted in the ETC coin price experiencing a jump of over 50% within the next 24 hours, after which it faced rejection at $31.23. The ETC coin traded between $29 and $31.23 for a while. As the market volatility increased, the bulls recorded a breakdown in the chart. 
Ethereum Classic price traded in a descending channel pattern for a brief period, indicating a strong bearish influence in the crypto space, and the price lost approximately 30% in value. After testing its low of $21.94, the bulls displayed a sideways trend for a while. 
Also Read: <a href="https://coinpedia.org/price-analysis/ethereum-eth-price-to-hit-4k-in-next-3-6-months-predicts-michael-van-de-poppe/">Ethereum (ETH) Price to Hit $4K in Next 3-6 Months – Predicts Michaël van de Poppe</a> 
The bulls recorded multiple failed attempts to break before successfully regaining momentum. Since then, the Ethereum Classic price has been constantly trading in a closed range between $23.45 and $25.04. 
<h2 class="wp-block-heading" id="h-will-etc-price-rise-back-up">Will ETC Price Rise Back Up?</h2> 
The <a href="https://coinpedia.org/traders/moving-average-convergence-divergence-macd/" target="_blank" rel="noreferrer noopener">Moving Average Convergence Divergence (MACD)</a> displays a rising red histogram, indicating an increase in the selling-over-buying pressure in the market. Further, the averages show a bearish convergence, suggesting the price will continue losing value in the coming time. 
If the bulls hold the price above the support level of $23.45, the ETC price will regain power and test its resistance level of $25.04 soon. Maintaining the price at that level will set the stage for Ethereum Classic to attempt to test its upper resistance level of $26.46. 
Conversely, if the market fails to hold the price above its important level, the ETC coin will lose momentum and fall to test its support level of $21.94. Moreover, if the bears continue to hold their dominance, it will further plunge and prepare to test its lower support level of $20.32 this week.

Altcoins Rally Stumbles Again! ETC Price Hints A Correction Of 15%?

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