Ethereum Classic [ETC] fell sharply on April 23rd, declining 7.4% as part of a broader market pullback. The cryptocurrency shed 11.16% in value, dropping from $9.68 to $8.60 within a day. The decline occurred alongside a 2.10% correction in Bitcoin and a 2.53% drop in Ethereum, driven by profit-taking and the unwinding of overleveraged positions.
The liquidation event was substantial, with $547.65 million in positions liquidated across the cryptocurrency market over the prior 24 hours, including $454 million in long positions. Bitcoin accounted for $164 million of those liquidations, while Ethereum Classic saw $802.9K in long liquidations.
Technical Structure Remains Bullish
Despite the sharp decline, Ethereum Classic maintained a bullish structure on higher timeframe charts. The swing structure shifted bullishly in August when the previous downtrend's $7.77 lower high was breached. The $7.15 support level was retested twice, with bulls establishing new highs and confirming an uptrend on the daily timeframe.
Capital inflow indicators showed strength, with the Chaikin Money Flow above +0.05 and the MACD reflecting strong upward momentum. A 36.5% rally in under a week preceded the recent correction.
Key Price Levels to Watch
The $9.20 zone has emerged as a local supply level. Reclaiming this area will be critical for the uptrend to continue. If support breaks down further, Ethereum Classic could correct toward $8.39, $8.08, and potentially the 78.6% retracement level at $7.64.
The key support level to maintain the bullish structure sits at $7.09. A breach below this level would flip the price structure to bearish.
