- Ethereum Classic price has been down 2.5% in the last day.
- ETC is trading near the $20 mark, unable to benefit from broader market sentiment.
- A break in the sell pressure could see a 22% tumble to lows of $16.
Ethereum Classic (ETC) has had a difficult March compared to the performance of the market’s top two cryptos, Bitcoin (BTC) and Ethereum (ETH).
As BTC edged closer to $29,000 on Thursday and ETH held steady at around $1,800, ETC’s price was stuck at $20. Over the past week, ETC remains unchanged while it’s seen a minor decline compared to the last 30 days.
ETC Price: Bulls Must Retain $20 or Face a Double Digit Decline
The ETC/USD pair on the daily chart is struggling to make progress beyond the $20 resistance zone. Bears have been successful in pushing the bulls away from the resistance line of the long term symmetrical triangle pattern and the macro downtrend is still in effect.
Ethereum Classic price chart. Source: TradingView
The daily RSI is relatively flat at the middle line, indicating a lack of clarity in the market. This could give buyers a chance to increase their momentum. However, the daily MACD doesn’t bode well for the bulls and a breakdown in sentiment could result in a 22% plunge to the support line around $16.
On the other hand, a break above $24 could see ETC headed for $30 and then possibly $39. A major symmetrical triangle breakout could then take it all the way up to $75 in the upcoming months.