In recent times, the cryptocurrency sector has shown a significant surge after a period of bearish activity. The Ethereum Classic (ETC) price has experienced an increase of around 13% within the last day but then underwent a corrective phase.

During the beginning of March, the Ethereum Classic price had a positive start with considerable growth. Despite reaching a peak of $39, bullish movement slowed down, leading to a period of sideways trading, indicating a cooling-off period.

As market volatility intensified, the bulls lost steam and the price entered a bearish phase, facing a correction of about 30%. However, the bulls later regained control and drove the price upwards.

After surpassing the $34 resistance level on March 29, a correction occurred, resulting in the formation of a symmetric triangle pattern for Ethereum Classic. The price has been moving within this pattern since then, implying a long-term bearish trend for the altcoin.

The MACD technical indicator exhibited a decrease in the green histogram, indicating a drop in buying sentiment in the crypto market. Additionally, the moving averages showed a consistent rise, signaling a mixed outlook in the cryptocurrency space.

If Ethereum Classic manages to break above the $34 resistance level, it could initiate a bullish trend and aim to reach the upper resistance at $36.50. Conversely, a trend reversal might lead to a decline, with the bulls testing the lower support level at $31.25 in the near future.