Ethereum Classic price must overcome one hurdle for ETC to skyrocket to $85
|- Ethereum Classic price arrives at a stable support level, anticipating a reversal.
- If successful, ETC might embark on a 50% ascent to $84.40.
- A decisive close below the 48.41 support floor will invalidate the bullish thesis.
Ethereum Classic price went from retesting the upper trend line of a technical formation to the lower trend line. While this might appear bearish, it could be the perfect time for a reversal in trend.
Ethereum Classic price to blast off soon
Ethereum Classic price crashed 19% over the past two days and set up the third higher low since June 22. In the same period, ETC has created three higher highs. Connecting these swing points shows the formation of an ascending parallel channel.
Although the ETC pulled below the lower trend line of the pattern during the recent crash, things will remain bullish if the buyers push Ethereum Classic price above it.
Doing will indicate that the bulls are in town and are likely to trigger an upswing that will eventually retest the upper trend line of the technical formation at $84.50.
While this 70% ascent might seem over-optimistic, it is possible if ETC manages to flip a critical resistance barrier at $57.57 into the support floor. This development will likely propel Ethereum Classic price to tag $73.93 before making a run at the target at $84.50.
ETC/USDT 1-day chart
Regardless of the optimism around Ethereum Classic price, a failure to climb above the pattern’s lower trend line at $52.93 will indicate that the buyers are not ready.
Such a signal could lead to a retest of the $48.41 support barrier. A breakdown of this level will invalidate the bullish thesis by creating a lower low.
In that case, ETC might venture down to $43.13, and in dire circumstances, the altcoin might revisit the $37.72 swing low created on July 20.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.