The cryptocurrency market is generally very risk-averse. While we have seen plenty of volatility, the general trend in the market remains bearish. Ether Classic (ETC) is one of the tokens affected by this, and there appears to be little bullish momentum for the token at this time. Here are some highlights.

  • ETC has managed to keep the price action above the $25 support level for now.
  • The token is currently trading at $26.56 and has remained virtually unchanged over the last 24 hours.
  • Nevertheless, ETCs are still highly vulnerable to selling pressure.

1647131381143-5d45424f-c4f5-431c-8f2c-f53fee81d71d.png.webp Data source: Tradingview

Ether Classic (ETC) – Where did the price go?

A look at the price action over the past few days shows ETC trading within a symmetrical triangle. This means that the token is oscillating between support and resistance almost simultaneously. So even if ETC is somehow able to establish an upward trajectory, the token could fall back to $28 and return to the $25 support level.

This is why we see little bullish momentum at the moment. But even with this symmetrical triangle, ETC is still very vulnerable to selling pressure. In fact, with the current market volatility, it is very unreasonable to expect ETC to hold the $25 support level in the coming days. Therefore, we believe that the only way for the symmetrical triangle to break is for ETC to continue to fall.

Why even buy Ether Classic?

It's always difficult for most investors to buy tokens that seem to have stalled or don't seem to have enough upward momentum. But at the end of the day, it is the long-term outlook that really matters to cryptocurrency investors.

While Ether Classic (ETC) seems to be struggling with bullish momentum at the moment, the token will still bring value to investors in the medium to long term.