Biggest Movers: ETC Trading Below $40.00 Ahead of Thursday’s Merge Event

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Ethereum classic rebounded on Wednesday, following three consecutive days of declines. The token dropped below $40.00 earlier this week, and continues to trade below this level ahead of tomorrow’s merge event. On the other hand, Solana remained lower, with prices falling by over 8% today.

Ethereum Classic (ETC)

Ethereum classic (ETC) rebounded on Wednesday, following three straight days of lower lows.

Less than 24 hours before the start of The Merge, the token was marginally higher, bouncing from a key support point in the process.

In the aftermath of the three-day losing streak, ETC/USD fell to a floor of $35.10 on Tuesday. However, bulls resisted a breakout, instead pushing prices to a peak of $37.57.

ETC/USD – Daily Chart

Looking at the chart, today’s rebound also coincided with the 14-day relative strength index (RSI) bouncing from a support point of its own.

The RSI climbed from its floor of 48.10, and as of writing, is now tracking at 52.61, which is below a ceiling of 56.30.

Should bulls look to reenter the $40.00 region, the RSI will need to move beyond the upcoming resistance level.

Solana (SOL)

A day after trading at a three-week high, solana (SOL) also remained below $40.00 during today’s session.

Following a high of $39.00 on Tuesday, SOL/USD hit an intraday low of $32.87 on Wednesday.

This drop sees a seven-day winning streak snapped, with prices now trading close to a one-week low.

SOL/USD – Daily Chart

Wednesday’s drop sees SOL move close to its long-term support point of $32.70, which has historically been a bullish zone.

History has so far repeated itself, with bulls reentering the market, moving solana away from earlier lows.

If these bulls are to remain in the market, their next price target will likely be a ceiling of $36.20.

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Can solana rebound from today’s decline, and recapture $36.20 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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