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Ethereum Classic suffered a steep 23 percent flash crash on Saturday in sympathy with Bitcoin and Ethereum, which fell about 15 percent and 21 percent, respectively, during the same time period.
While Ethereum has erased all of the losses from that day, Ethereum Classic and Bitcoin have failed to meaningfully rebound and both have settled into bearish patterns on the daily chart. There is a chance for Ethereum Classic bulls to negate the pattern if they can take enough control to confirm a new trend is about to begin.
Ethereum Classic Chart
When Ethereum Classic plummeted on Saturday it reached the $30 level, which the crypto has not traded at since April. Bulls came in and bought the dip and the crypto rebounded 30 percent from the level to close the 24-hour trading session at $39.44.
