Ethereum Classic Maintains Bullish Structure Despite 11% Price Correction

Ethereum Classic ($ETC) experienced an 11% price correction on April 23rd, falling from $9.68 to $8.60, amidst a broader market downturn. The correction was likely influenced by Bitcoin's (BTC) 2.10% dip and Ethereum's (ETH) 2.53% fall.

The market-wide decline saw $547.65 million in liquidated positions across the market, with long positions accounting for just over $454 million of that total. Ethereum Classic itself saw only $802.9K in long liquidations.

Despite the correction, Ethereum Classic maintains a higher timeframe bullish price structure on its charts, thanks to a swing structure shift in August that confirmed an uptrend. The bulls succeeded in forcing new highs after retesting the $7.15-support level twice and breaching the $7.77 lower high of the downtrend.

Swing traders and investors had good reason to maintain their bullish bias, driven by altcoin enthusiasm and capital rotation from large-cap alts. However, a correction is still possible, with a recent low at $7.09 potentially flipping this structure bearishly if breached.

The current local supply zone at $9.20 has become a key area of focus, and unless reclaimed, Ethereum Classic may continue its correction towards $8.39-$8.08 or even the 78.6% retracement level at $7.64.