- 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
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.
Share
