Market Overview: Ethereum Classic (ETCUSDT) 24-Hour Summary (2025-08-10)

• Ethereum Classic (ETCUSDT) fell 3.8% over the 24-hour window amid a sharp volume spike near the opening session.
• A bearish engulfing pattern emerged at the 23.6–23.74 level, signaling renewed bearish momentum.
• RSI and MACD suggest oversold conditions, but price continues to break lower, indicating weak follow-through.
• Volatility expanded mid-day, with a 5.3% intraday range before fading into a consolidating trend.
• Bollinger Bands widened during the sell-off, with price currently testing the lower band at ~$22.80.

Ethereum Classic (ETCUSDT) opened at $23.10 (12:00 ET − 1) and closed at $22.96 (12:00 ET), touching a high of $24.39 and a low of $22.72. Total volume for the 24-hour period was 1,153,505.45 ETH, while notional turnover reached $27,428,339.75.

Structure & Formations

ETCUSDT displayed a bearish reversal pattern near $23.74, with a key support zone forming between $22.72 and $22.80 following a sharp breakdown. The price action suggests a breakdown below the 23.20–23.50 consolidation range, with Fibonacci retracement levels indicating potential support at 61.8% (~$22.83) and 78.6% (~$22.60) of the 23.74–22.72 move.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have both flattened and crossed below the price since 08:00 ET, confirming a bearish bias. On the daily chart, Ethereum Classic is trading below all major MAs—50, 100, and 200-day—which signals a continuation of the longer-term bear trend.

MACD & RSI

The MACD line crossed below the signal line at ~09:00 ET, and both have remained in negative territory, reinforcing bearish momentum. RSI has entered oversold territory below 30 since 10:30 ET, but the price has continued to fall, suggesting a lack of buying interest despite the metric.

Bollinger Bands

Volatility expanded significantly during the early sell-off, with Bollinger Bands widening to capture the 5.3% range between $24.39 and $22.72. Price has since retracted and is currently trading near the lower band (~$22.80), suggesting a potential short-term bounce if buyers enter at that level.

Volume & Turnover

Volume surged during the early session, particularly between 01:00 and 03:00 ET, confirming the sharp downward move. However, volume has since declined into the afternoon, suggesting a loss of conviction. A divergence between price and volume may indicate a possible near-term stabilizing event.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute chart have coincided with price reactions, particularly at 38.2% (~$23.37) and 61.8% (~$23.00). On the daily timeframe, the 61.8% retracement level at $22.83 could serve as a potential short-term support.

Looking ahead, Ethereum Classic appears poised to test $22.72 and $22.60 as the next critical supports. A failure to hold above $22.80 may trigger further bearish momentum, but a rejection and rebound could signal a temporary consolidation phase. Investors should remain cautious of a potential continuation of the downward bias, with high volatility and low volume indicating uncertain near-term sentiment.