Ethereum Classic Holds Bullish Structure After 11% Daily Correction
ETC rallied 36.5% in less than a week before falling to $8.60, with $7.09 and $9.20 defining the current chart setup.
Ethereum Classic (ETC) fell 11.16% from $9.68 to $8.60 within a day, but its higher-timeframe bullish structure remains intact after a 36.5% rally in less than a week.
The decline came during a broader market pullback. Bitcoin (BTC) fell 2.10%, while Ether (ETH) dropped 2.53% as profit-taking and the unwinding of overleveraged long positions pressured digital assets.
ETC recently rose 4.72% in one hour to $9.09, extending a sharp move before the correction.
The token’s chart structure shifted in August after ETC moved above the previous lower high at $7.77. Buyers also defended support at $7.15 twice before pushing the price to new highs.
The Chaikin Money Flow indicator was above +0.05, indicating capital inflows. The Moving Average Convergence Divergence indicator also showed upward momentum.
The $9.20 area has become a local supply zone after ETC quickly fell below it. ETC would need to reclaim $9.20 to weaken the correction risk.
The key downside level is $7.09. A break below that recent low would invalidate the bullish structure and turn the trend bearish.
