Ethereum Classic Price Prediction: Sell signals amid market turmoil

Ethereum Classic is down 2% from the start of the week.
ETC could move towards $18.10 if market conditions persist.
Invalidation of the bearish thesis would come from a breach above the previous week's high at $23.35.

Ethereum Classic could be headed for a stronger decline in the days to come. Key levels have been defined to gauge the potential landing zone for the ETC price.

"Ethereum Classic price showing bearish cues "

Ethereum price is prompting investors to press sell, as the digital asset has produced stair-stepping price action to the downside since the start of the week. While other cryptocurrencies have suffered much larger declines, Ethereum Classic's 2% loss is relatively less. Still, the ETC its price could follow suit and decline in the coming days.

Ethereum Classic is currently trading at $20.68. The bearish sentiment towards Ethereum Classic is evident, as the 8-day exponential moving average and 21-day simple moving average collide while the price remains suppressed. This suggests that the winter rally, which began in December near $14.81, is subject to a reversal.

A Fibonacci retracement tool shows the winter rally from $14.81 to the year-to-date high at $25.04, shows the 61.8% Fibonacci level at $18.10, potentially being a high-probability bearish target zone if the market continues heading south. The bearish scenario would create the potential for a 12% decline from Ethereum Classic's current market value.

ETC/USDT 1-Day Chart

Invalidation of the bearish thesis would arise from a hurdle above the previous week's high at $23.35. In doing so, the bulls could prompt a rally toward the $25 liquidity zone resulting in a 20% increase from ETC's current market value.

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