Ethereum Classic Holds Bullish Structure Amid 7.4% Correction

Ethereum Classic experienced a significant correction on Wednesday, April 23rd, falling by 7.4% in a day. This drop was likely influenced by the 2.10% price dip Bitcoin faced and the broader market's correction, which saw Ethereum fall by 2.53%. According to CoinGlass, $547.65 million worth of liquidated positions were recorded across the market, with over $454 million of those being long positions.

Despite the 11.16% correction from $9.68 to $8.60, Ethereum Classic's higher timeframe bullish price structure remains intact on the charts. This bullish structure was established in August when the $7.77 lower high of the downtrend was breached, and the $7.15-support level was retested twice.

The recent low at $7.09 is a critical level that, if broken, would flip the structure bearishly. Traders are advised to watch out for a correction, which could potentially reach $8.39-$8.08 and possibly as far as the 78.6% retracement level at $7.64.