Ethereum Classic (ETC) price analysis: A prolonged selling frenzy could begin

 
The price of Ethereum Classic (ETC), one of the altcoins in the cryptocurrency market, has been trading in a downtrend over the past week, completing a negative trend within a falling channel. The price was rejected at the resistance line. This has caused the ETC price to depreciate by 5% in the last five days.
As a result of Ethereum Classic's downward move, if the price drops below the channel pattern, a prolonged selling frenzy could begin.
ETC price analysis:
Currently, ETC price is struggling to regain the support at $17.83, which coincides with the 50% Fibonacci level. However, the altcoin is still trading within a bullish flag. This means that the hopes for a return remain. The price also formed a double bottom at $17.83. This is one of the signs that the trend may reverse.
Additionally, the RSI and MACD indicators show no bullish divergence to support a reversal theory. The RSI line is trading below the midline. However, the MACD indicator is also showing remarkable growth on the bearish histograms.
ETC price formed a doji candle at the intersection of the 50% Fibonacci level and the support trendline. This signals that a morning star pattern may form on the chart. In this case, the price could initiate a bullish rally within the channel, where it could rise as high as $18.75.
From an optimistic point of view, this rally could continue up to $20, increasing the ETC price by 15%.
On the other hand, if there is a drop below the 50% Fibonacci level, the altcoin's price may fall back to $17.
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