Ethereum Classic price analysis: ETH/USD pullback is imminent, but trendline support is in place

• Ethereum price is extending the gains on the day, up over 1%.
• The price is likely to turn bearish in the short-term, but the pullback will be supported by the trendline.

Ethereum Classic is among the few strong daily gainers on Thursday. It is up 1.67% on the day while trading at $17.62. It kicked off the trading at $17.33 and is making advances towards the key resistance at $18.00. The price is nearing trading at the narrow end of the contracting triangle, which could also mean that a reversal is imminent in the medium-term.

Ethereum Classic is the 15^th cryptocurrency by market capitalization. It boasts a market cap of $1.8 billion while its trading volume in the last 24 hours is $240 million according to the data on CoinMarketCap. The majority of Ethereum Classic trading took place on OKEx exchange with a 17.82% of the total trading volume in ETC/USDT trading pair. Moreover, ETC/BTC, also on OKEx had 13.42% of the entire Ethereum Classic trading volume.

Technically, the price has been using the ascending trendline as an anchor as well as a bounce platform for more than a week now. The dip on June 24 bounced off the trendline approximately at $13.13. Similarly, after the price tested the resistance at $19.00 and failed, it succumbed to another slide supported strongly by the trendline around $16.00 zone. ETC/USD has been making higher corrections trading higher lows since then. Significantly, the price is likely to turn bearish in the short-term, but the pullback will be supported by the trendline close to $17.00 before attacking higher levels at $19.00 and eventually above $20.00. In the meantime, both the 21 SMA and the 100 SMA are providing support at $17.31 and $17.00 respectively.

ETC/USD 4-hour chart