Ethereum
Ethereum Classic Holds Market Structure After Market-Wide Long Liquidations
Technical data shows Ethereum Classic preserved its broader bullish trend despite dropping 11% during a wider market contraction.
Ethereum Classic dropped 11.16% from $9.68 to $8.60 as crypto markets experienced widespread liquidations. The token declined 7.4% on April 23, mirroring pullbacks in Bitcoin and Ether, which fell 2.10% and 2.53% respectively amid heavy unwinding of leveraged positions.
Data from CoinGlass showed that more than $547.65 million in positions were liquidated across the cryptocurrency market in 24 hours, including over $454 million in longs. Ethereum Classic accounted for $802,900 in long liquidations, compared to $164 million in total liquidations for Bitcoin.
Despite the downturn, market analysis indicates the daily uptrend for Ethereum Classic remains valid as long as the price stays above $7.09. Indicators including the Chaikin Money Flow and MACD reflected ongoing capital inflows and momentum, while the $9.20 area has emerged as immediate resistance.
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