Search ForexCrunch
  • Ethereum Classic price consolidation period could be coming to an end.
  • ETC seeks to break resistance at $90 and march toward $132.
  • Investors must pay close attention to the $82  support level because dropping below may invalidate the bullish outlook.  

Ethereum Classic price reached an all-time high of $180 on May 6. Since then, ETC entered  a stagnation phase that could result in a 55% upswing.

Ethereum Classic price looks ready to advance higher  

Following the peak in early May, Ethereum Classic price has seen a large number of investors sell part of their positions to ensure profits. The increase in selling pressure has pushed ETC down by more than 50% since then toward a low of $75.  

As Ethereum Classic price made a series of lower highs and higher lows through the correction,   a symmetrical triangle developed on the 4-hour chart. This technical pattern predicts that ETC could stage a 56% move upon the breakout point.

A spike in buy orders that pushes Ethereum Classic price above the triangle’s resistance trendline at $90 might signal the resumption of the uptrend. ETC could then gain over 40 points, to hit a target of $132.  

ETC/USDt 4-hour chart

ETC/USDt 4-hour chart

Even though the odds seem to favor the bulls, a rejection of the $90  resistance level could spell trouble for Ethereum Classic price. Failing to crack this hurdle may see ETC retrace toward the triangle’s lower trendline at $82.  

If this support level cannot contain the bearish momentum, Ethereum Classic price may drop by another 56% to $37.

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.