Biggest Movers: ETC Trades Below $40.00 Ahead of Thursday’s Merger Event – Bitcoin News Market Updates

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The Ethereum classic rebounded on Wednesday, after three consecutive days of declines. The token fell below $40.00 earlier this week and continues to trade below that level ahead of tomorrow’s merger event. In contrast, Solana remained lower, with prices down more than 8% today.

Ethereum Classic (ETC)

Ethereum classic (ETC) rebounded on Wednesday, following three consecutive days of lower lows.

Less than 24 hours before The Merge began, the token was slightly higher, rebounding from a key support point in the process.

In the aftermath of the three-day losing streak, ETC/USD fell to a low of $35.10 on Tuesday. However, the bulls resisted a breakout, pushing prices to a high of $37.57.

ETC/USD – Daily Chart

Looking at the chart, today’s rebound also coincided with the 14-day Relative Strength Index (RSI) rebounding from a support point of its own.

The RSI climbed from its low of 48.10 and at the time of writing is now trailing at 52.61, which is below a high of 56.30.

If the bulls are looking to re-enter the $40.00 region, the RSI will need to break above the upcoming resistance level.

Solana (SOL)

A day after trading at a three-week high, solana (SOL) also remained below $40.00 during today’s session.

After a high of $39.00 on Tuesday, SOL/USD hit an intraday low of $32.87 on Wednesday.

The drop ends a seven-day winning streak, with prices now trading near a week-long low.

SOL/USD – Daily Chart

Wednesday’s decline sees the SOL approach its long-term support point of $32.70, which has always been a bullish zone.

So far, history has repeated itself, with bulls re-entering the market, pushing solana away from earlier lows.

If these bulls are to stay in the market, their next price target will likely be a high of $36.20.

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Can Solana rebound from today’s decline and recover $36.20 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

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