Ethereum Classic Trading Near $17: Will It Break Lower or Rebound?

Ethereum Classic’s price is trading near its recent low of $17. This week marks the end of a two-week consolidation for Ethereum Classic, and the market has been full of turmoil. If you are planning to invest in Ethereum Classic or have already invested, then this analysis will be helpful for you.

We will explore the potential support and resistance levels and what might happen next week. Should you invest now or wait? The answer will become clear after going through this analysis. Without wasting any more time, let’s dive into the Ethereum Classic price action.

Ethereum Classic Price Analysis from 23rd to 28th February

On 23rd February at 08:00 UTC, the price marked its high of $21.05 and broke out to the downside from an upward-moving channel. The breakout of the channel met buyers, and the range developed, but buyers failed to push the price higher, leading to a downside breakout at 01:30 UTC on 24th February. A spike and channel pattern were formed.

At 01:00 UTC on the same day, MACD had already indicated that the range might break to the downside, as a death crossover appeared in it. At 22:00 UTC on 24th February, Ethereum Classic again broke out to the downside of the channel, confirmed by the death cross of MACD at the same time. This breakout failed to form a spike, but a channel appeared, indicating a range-bound market.

Chart 1: Analysed by vallijat007, published on TradingView, March 1, 2025

The channel broke out to the downside again but failed as the next candle formed was a Harami candle. This failed breakout marked the low for the week at $17.32. A golden crossover of MACD appeared at 10:00 UTC on 25th February, helping in the formation of a channel, which later broke out to the downside at 07:30 UTC on 26th February.

However, this breakout failed to form a spike and instead formed an expanding triangle, indicating a range-bound market. At 18:30 UTC on 26th February, RSI moved below 30, indicating oversold conditions, which pushed the price up and formed a spike and channel pattern.

The channel broke out to the downside again at 13:30 UTC on 27th February, and an expanding triangle was seen at 01:30 UTC on 28th February. A rounding bottom pattern appeared, which is a bullish pattern. This pattern was confirmed by a golden crossover of MACD at 07:00 UTC on 28th February.

Key Patterns and Breakout Scenarios

A minor channel appeared after the rounding bottom, which broke out to the upside at 13:30 UTC on 28th February. A spike was seen, but it failed to form a channel and instead formed a rounding top pattern, which is bearish. This pattern was further confirmed by a death cross of MACD at 23:00 UTC on 28th February. If the rounding bottom pattern is successful, then the price may drop below $17, as the $17 level is a strong support zone where buyers might step in. However, if the rounding top pattern fails, then the price may break the high of this week, which is $21.

Conclusion: Ethereum Classic Heavily Influenced by Ethereum and Bitcoin

Investing in Ethereum Classic is not a very good choice, as the entire crypto market has a bearish sentiment. Ethereum Classic is the older version of Ethereum, and there is a strong influence of Ethereum on Ethereum Classic. Traders and investors should analyze Ethereum before investing in Ethereum Classic. If Bitcoin and Ethereum do not stabilize in the coming week, then Ethereum Classic may decline further. Investors and traders should think twice before making any investment decisions, as investments are subject to market risks.