fxs_header_sponsor_anchor

Ethereum Classic Price Prediction: ETC sets stage for 40% ascent

  • Ethereum Classic price has dipped below the range low at $39.68 as the crypto markets tumbled.
  • Recovery above $39.68, followed by a swing high above $43.93, will confirm an uptrend.
  • A breakdown of the $32.21 support level will invalidate the bullish outlook.

Ethereum Classic price crashed as the cryptocurrency market took a hit on July 20. While many altcoins are consolidating, ETC seems to be preparing for a leg up.

Ethereum Classic price needs a burst of bullish momentum

Ethereum Classic price sliced through the swing low at $39.68 on June 22 but recovered quickly and rallied roughly 94% over the next week. Now that ETC has shattered the range low again, investors can expect a similar reaction.

The first confirmation of the upswing will arrive after ETC bulls reclaim the range low at $39.68. Following this, the buyers need to push Ethereum Classic price to produce a decisive 12-hour candlestick close above $40.93. Such a move will set up a higher high and indicate the backing of buyers.

If these two were to occur, ETC will likely rally to the immediate resistance level at $51.35 and, in some cases, $55.58. This move would represent a 40% climb from the current position – $38.90.

ETC/USDT 12-hour chart

On the other hand, if Ethereum Classic price recovers above $39.68 but fails to close above $40.93, it will denote weak buying pressure. If this were to occur, a retracement to retest the range low at $39.68 would follow.

While a consolidation here might give ETC another chance at an upswing, a breakdown of the $32.21 support level will invalidate the bullish thesis.

In such a case, persistent selling pressure could push Ethereum Classic price down to $29.04

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.