Ethereum Classic price rejected after approaching resistance at $6.60
- Ethereum Classic's price performed excellently in early 2020, even tripling at one point.
- After the price drop in March, however, ETC did not see major performance boosts.
- Its volatility levels have been reducing, and the coin now fluctuates between $6.0 and $6.4.
Ethereum Classic (ETC) saw a major price surge in early 2020, but after recovery from the March price crash, its performance has been relatively mild on a YTD chart. Short-term charts, on the other hand, show that the coin’s struggle continues, just at a smaller scale.
Ethereum Classic’s rise and fall
In early 2020, ETC saw a massive price surge that started almost immediately as the year began. While a lot of coins participated in this rally, ETC might be one of the first to see a performance this powerful this early on.
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The coin skyrocketed from $4.52 to $13.05, tripling its price in about a month. Undoubtedly, it made a lot of people who decided to buy ETC quite satisfied with their investment.
It reached this peak on February 6th, although its price was brought back down due to a resistance at $12. This resistance was problematic for ETC before and after hitting its YTD high.
After the rally ended, however, ETC started dropping quite fast. The price drop first saw it go to a support at $9, but when that one got broken, it fell to the next one, at $6.
It would have likely remained there if not for the March drop, which brought it all the way down to January lows.
ETC after the mid-March price crash
Following the price drop, ETC started seeing a recovery, which is the same behavior as other cryptos. However, while some coins returned to their pre-crash prices, and some even managed to exceed them, ETC falls under the category of coins that did not impress in months that followed.
Ethereum Classic did grow back to its support-turned-resistance at $6, and it even breached it. However, since then, it was stuck between this support and a resistance at $7.
Over time, its fluctuations started to become smaller and smaller, and new resistances started limiting its price. The biggest one right now is at $6.40, which ETC just tried to break, only to see its price rejected again.
ETC saw exceptional performance before the mid-March price crash. However, as soon as the price recovered back to $6, it was unable to go further up. Instead, much like BTC, its volatility started dropping.