Ethereum classic fell to a two-month low to start the week, as prices in the cryptocurrency market continue to decline. Uniswap also slipped to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.08%
Ethereum Classic (ETC)
Ethereum classic (ETC) was one of the most notable movers on Monday, as the token fell by over 12% to start the week.
Following a high of $33.41 during the weekend, ETC/USD slipped to an intraday low of $27.91 earlier today.
The drop comes less than a week after ethereum classic was trading above $40.00, ahead of last Wednesday’s Merge.
Monday’s drop sees ETC move to its lowest point since July 27, when the token was trading near $24.00.
As of writing, earlier price declines have eased, with ETC now back above the $30.00 mark.
After a brief breakout, the 14-day relative strength index (RSI) is also tracking marginally above a support of its own at 40.95.
Like ethereum classic, UNI was also in the red to start the week, as the token moved closer to a multi-month low.
On Monday, UNI/USD found itself trading below a support point of $5.50, with prices falling to as low as $5.42.
Similar to ETC, this is the lowest level UNI has hit since July, however in this instance the bottom occurred on July 11.
Looking at the chart, the sell-off led to the RSI hitting a floor of 36.15, with bears using this as a signal to secure previous gains.
Currently UNI is trading higher, with prices close to climbing above the aforementioned support point of $5.50.
Should this happen, bullish sentiment will likely begin to return, with traders likely looking to push the token above $6.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Will Wednesday’s interest rate decision have a big impact on crypto prices? Let us know your thoughts in the comments.
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
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.