Revising Ethereum Classic (ETC/USD) after Coinbase plans to end support for the cryptocurrency
Coinbase has earmarked Ethereum Classic as among the tokens to remove from its wallet
ETC has been on a clear downtrend since August
The cryptocurrency could proceed to $13 if bulls do not arrest the decline
US crypto exchange Coinbase will end support for Ethereum Classic (ETC/USD) in January next year. The targeted assets also include XRP, XLM, and BCH. Coinbase cites low usage on its self-custody digital asset for the digital assets.
In its decision to remove the digital assets, Coinbase says it does so to roll out better features. The crypto exchange says users of unsupported assets can access them through a recovery phase.
The latest decision by Coinbase comes when digital assets have endured a prolonged crypto winter. However, Ethereum Classic had a strong run in July and August on expectations of miners influx after Ethereum merge. Since topping $45 in mid-August, ETH has endured a bear market. The cryptocurrency was trading at $19.48 at press time, losing 1.55% in the day. A technical outlook shows ETC on a downtrend.
ETC consolidates below moving averages in a bear market
ETC/USD Chart by TradingView
Ethereum Classic remains on a downtrend. The cryptocurrency has been trading on a system of lower highs and lower lows since August. ETC has always been rejected at the 20-day MA or 50-day MA.
From the technical outlook, ETC is consolidating but lacks enough power to the upside. It trades at the 20-day MA, while the 50-day MA lies higher, next to the resistance at $21. The RSI reading of 44 shows that bears are still in control.
What next for ETC?
A consolidation at $19 implies that bulls are trying to counter the bear pressure on ETC. However, the bears remain in control as shown by the limited upside.
A bullish momentum will be confirmed if ETC price recovers above the moving averages or the $21 resistance. Conversely, a rejection by the moving averages could accelerate selling.
That could see bears remain in control to the next support at $13.
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