Bitcoin
Ethereum Classic Retains Bullish Technical Structure Following 11% Pullback
Ethereum Classic pulled back to $8.60 alongside broader crypto liquidations, but technical indicators suggest its higher-timeframe uptrend remains intact.
Ethereum Classic fell 11.16% from a peak of $9.68 to $8.60 within a single day, declining 7.4% on Wednesday, April 23. The retreat coincided with a broader market pullback that saw Bitcoin and Ether drop 2.10% and 2.53%, respectively, driven by profit-taking and the liquidation of leveraged positions.
According to data from CoinGlass, crypto derivatives markets recorded $547.65 million in total liquidations over 24 hours, with long positions accounting for more than $454 million. Bitcoin led liquidation volumes with $164 million, while Ethereum Classic registered $802,900 in liquidated long positions.
Technical analysis cited in the report indicates that Ethereum Classic maintains a bullish structure on higher timeframes following its rally from August, provided the $7.09 swing low holds. Indicators such as the Chaikin Money Flow remained above +0.05 and the MACD showed positive momentum, though the asset faces short-term resistance near $9.20 with potential support levels identified at $8.39, $8.08, and $7.64.
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