Ethereum Classic (ETC) is currently trading at $12.18 during the latest market session, reflecting a daily decline of 6.68% as broader digital asset markets showed mixed sentiment. Despite the price pullback, trading activity intensified, with 24-hour volume rising to $90.02 million, marking an increase of 50.36%. Over the past seven days, ETC has remained under pressure, posting an 8.49% weekly decline while holding near the same level.
Market participants appear divided between short-term caution and longer-term optimism, as technical indicators and external forecasts present contrasting views of the asset’s direction.
Crypto analyst Jonathan Carter highlighted that Ethereum Classic is currently testing the lower boundary of a descending triangle formation on the weekly chart. This pattern is widely regarded as a consolidation structure that can precede significant price expansion once resolved. According to Carter, the present support zone remains intact, indicating that sellers have not yet forced a structural breakdown.
The analyst added that a sustained defense of this level could generate a strong rebound, with upside targets layered progressively at $18, $25, $40, $53, $78, and ultimately $120. While such projections depend on broader market sentiment and liquidity conditions, the technical setup suggests that downside risk may be limited if support continues to hold.
Market participants are closely monitoring weekly closes, as confirmation above key trend lines would strengthen the bullish case. Conversely, a decisive move below support could invalidate the pattern and trigger renewed declines.
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According to DigitalCoinPrice, ETC briefly registered extreme weakness, marking its lowest point since early 2021. However, analysts cited by the platform believe the asset is positioned to recover and approach the $15.05 level by the end of the year.
Some market observers anticipate that ETC could challenge its previous all-time high of $176.16 over a longer horizon, although near-term expectations center on consolidation between $14.34 and $15.05. These forecasts reflect confidence in the network’s resilience, balanced against ongoing macroeconomic uncertainty and regulatory scrutiny affecting the digital asset sector.
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