Ethereum Classic (ETC) is holding a key technical support level, suggesting potential for a bullish reversal. Analyst Jonathan Carter notes ETC is at the lower boundary of a weekly falling wedge pattern. Short-term trading shows consolidation with current price action around $8.59. Technical indicators present a mixed picture for immediate momentum.
Ethereum Classic held support at the lower boundary of a falling wedge on its weekly chart as of Monday, February 16, 2026. Crypto analyst Jonathan Carter stated this technical formation is widely recognized as a bullish reversal signal.
The pattern suggests sellers are losing momentum with buyers gradually regaining control. Current price levels around $8.59 are seen as a crucial decision point for the asset.
Price projections cited by the analyst suggest ETC could face resistance at $9, $13, $18, $25, $40, $53, and $78. These levels represent potential areas where traders might take profits during a stepwise rise.
Market experts suggest traders consider a stop-loss order at $7 to manage risk. The weekly closing price and trading volumes should be monitored to confirm any sustained breakout.
According to TradingView data, ETC experienced volatility with consolidation between $8.00 and $8.50. The price briefly rose above $9.00 before retreating to approximately $8.592.
Technical indicators present a cautious picture for short-term momentum. The MACD indicator showed a bearish crossover, while the RSI reading of 48.99 indicates a fairly balanced market with a slight bearish trend.
