Ethereum Classic (ETC) Struggles to Stay Afloat While $8 downside Target Looms
- Ethereum Classic (ETC) is trading at $15.03, down over 3% in the past 24 hours, as it hovers just above a critical support level at $14.30
- A breakdown below $14.30 could trigger a sharp decline toward $8, reflecting increased bearish momentum
- Ongoing geopolitical tensions, including a 245% U.S. tariff on Chinese imports, are contributing to crypto market volatility
Ethereum Classic (ETC) is navigating through turbulent waters as its price faces renewed selling pressure. Despite the recent volatility, ETC continues to hover just above a critical support level, a line in the sand that could determine its near-term fate.
At the time of writing, ETC is trading at $15.03, down over 3% in the past 24 hours, according to CoinMarketCap. With a market capitalization of $2.27 billion, the token currently holds the 37th spot among the largest cryptocurrencies.
But while it clings to its ranking, cracks are beginning to show as the broader crypto market battles uncertainty, and external geopolitical tensions are only adding fuel to the fire.
Global Tensions Spill Into Crypto Markets
The overall sentiment across global financial markets remains shaky. Trade negotiations between the United States and China have come to a halt, with China reportedly walking away from the table and demanding respect from Washington. The European Union has echoed pessimism, suggesting that no resolution is on the horizon.
Amidst the deadlock, the White House has imposed a staggering 245% tariff on Chinese imports. a move that further rattled investor confidence. As risk appetite across traditional markets drops, the crypto space isnt immune to the ripple effects. The result: increased volatility, lower volumes, and heightened caution among traders.
$14.30 Crucial for ETC, Breakdown Could Hit $8
Crypto analyst Ali Martinez analyzes Ethereum Classic price action, featuring a chart spanning 2023 to 2025. It highlights ETC testing a critical support at $14.30, a level identified using Fibonacci retracement and historical patterns.
Ali warns that a breakdown below this could lead to a drop to $8, a significant decline. The chart shows ETCs price volatility, with past peaks above $30 in 2023, but a downward trend in 2025, reflecting bearish sentiment.
Broader market sentiment, often correlated with Bitcoins performance, may be driving ETCs bearish outlook, as noted by the analyst. The combination of technical analysis, historical context, and market dynamics paints a challenging picture for ETC, with Alis $8 target reflecting ongoing struggles for relevance and value.
Related Reading | Why This Bitcoin Cycle Feels Boring CryptoQuant Analyst Explains
Text source: TronWeekly
