- Ethereum Classic has fallen 2.5% in the past 24 hour.
- ETC has been unable to ride market sentiment. It is currently hovering around $20.
- ETC/USD could see a 22% drop in volume due to higher sellig, which could cause it to fall as low as $16
Ethereum Classic (ETC), which hasn’t had a great March, has been beaten by some other top cryptocurrencies such as Bitcoin (BTC), Ethereum(ETH) and Ethereum (ETH).
BTC flirted at resistance of $29,000 on Thursday and ETH price consolidated close to $1,800, Ethereum Classic price seemed primed for new losses at $20. ETC is now flat over the week and has been negative in the last 30 days.
ETC price: Bulls must hold $20 to avoid double-digit decline
On the daily chart, the Ethereum Classic price outlook shows that the ETC/USD pair is rejecting at the supply zone of just above $20. The macro downtrend is still in place, as bulls push bulls away from resistance line of long term symmetrical triangular pattern.
Source: Ethereum price chart Source: TradingView
However, the daily RSI has remained almost flat at or near the middle line, suggesting more indecisiveness. Bulls can profit from the lack of major upside activity over the past few week to push higher.
However, the MACD daily gives buyers no joy. A breakdown in sentiment could lead to a 22% drop to $16 base line support.
Bulls eye would be able to see $30, and possibly $39 in bullseye, on the upside. A major symmetrical triangle breakout could bring $75 into play in the coming months.
