Ethereum Classic price: ETC looks primed for sharp 22% decline

Ethereum Classic price: ETC looks primed for sharp 22% decline

By Benson Toti - min read
  • Ethereum Classic price is down 2.5% in the past 24 hours.
  • ETC has failed to ride broader market sentiment, currently poised near $20.
  • A breakdown amid increased sellig could push ETC/USD down 22% to lows of $16.

Ethereum Classic (ETC) has not had a good March as has some of the top cryptocurrencies, including the top two of Bitcoin (BTC) and Ethereum (ETH).

As BTC flirted with resistance around $29,000 on Thursday, and ETH price consolidated near $1,800, Ethereum Classic price looked primed for fresh losses at $20. ETC is flat on the weekly time frame and negative this past 30 days.

ETC price: bulls need to hold $20 or risk double digit decline

The Ethereum Classic price outlook on the daily chart has the ETC/USD pair rejecting at the key supply zone just above $20. The macro downtrend remains in place as bears push bulls from the resistance line of the long term symmetrical triangle pattern.

Ethereum Classic price chart. Source: TradingView

The daily RSI is almost flat at the middle line though, suggesting greater indecisiveness all around. The bulls can take advantage of the lack of major upside action over the past few weeks to push higher. 

But the daily MACD gives buyers no joy and a breakdown in sentiment could threaten a 22% nosedive to the base line support around $16.

On the upside, a break above $24 would see bulls eye $30 and then possibly $39, with a major symmetrical triangle breakout likely to bring $75 into play over coming months.