Ethereum Classic faces the weight of the bears as the FUD wave sends ripples across the altcoin market. ETC loses last week’s gains, but evidence suggests buyers are buying into the dip.

Cryptocurrency market capitalization fell 4.48% in the last 24 hours at the time of writing. Most of the liquidity wiped out came from the altcoin market, and Ethereum Classic was one of the coins that led the way in the latest sell-off.

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A close look at CoinMarketCap revealed that the top altcoins have lost a significant amount of value in the past 24 hours.

This decline was largely related to the uncertainty raised by SEC Chairman Garry Gensler at a recent congressional hearing.

Ethereum Classic appears to be one of the top coins overtaken by the recent contagion.

Consider this – ETC fell more than 8% in the last 24 hours, wiping out all the gains it made in the second week of April.

The previous rally had led to a break from the megaphone pattern that had prevailed since February. The breakout led to a stronger bullish outlook, but ETC has cooled slightly since mid-February.

Source: TradingView

Selling pressure at press pushed the already below the 50% RSI level, suggesting that the market favored the bears.

Switching to the 4-hour price chart revealed that the price was oversold at the time of writing, but a slight recovery was in sight. This is because the price has retested short term support near the $20.18 price zone.

Source: TradingView

While there is a significant prospect of a recovery from current levels, it is worth noting that Ethereum Classic has so far lost just over $367 million from its market cap since April 14.

However, it recovered about $16 million from its bottom in 24 hours.

Source: Sentiment

Realistic or not, here is the market cap of Ethereum Classic in BTC terms

In addition, Ethereum Classic’s on-chain volume has dropped significantly over the past seven days. However, it registered a slight increase over the past day, probably related to the accumulation after the dip. In addition, daily volume rose back above $200 million.

Source: Sentiment

Can investors expect a recovery?

Current observations suggest that the first wave of selling pressure is cooling. The slight increase in market capitalization indicates that some investors are already looking to take advantage of the recovery.

Ethereum Classic bulls took a break before the latest crash, hence many buyers may view the current uptake as an opportunity to buy back at a bigger discount than expected.

While current expectations are optimistic, this doesn’t necessarily mean the bears are done with their attack. There is still a chance for more downside effects if Ethereum Classic fails to secure enough bullish momentum.

This post Ethereum classic [ETC] leads the decline of the altcoin- Here is the detailed report

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