Ethereum Classic Price Prediction: ETC approaches inflection point, needs trigger to take off

Ethereum Classic price pierced through the crucial resistance level at $61.66 but has not closed above it.
A successful move above this barrier might trigger a 16% upswing to $71.91.
If ETC produces a decisive close below $48.88, the bullish thesis will face invalidation.

Akash Girimath FXStreet

Ethereum Classic price came very close to shattering a critical barrier but managed to reverse its trend and is currently hovering around an inflection point. A decisive close above this level will signal the presence of buyers and kick-start an upswing.

Ethereum Classic price at crossroads

Ethereum Classic price dropped 24% between June 7 and Jun 8. Although ETC came close to breaching the 79% Fibonacci retracement level at $48.88, it did not. A quick reversal from the swing low at $49.41 pushed it 33% to where it currently stands, $61.68.

Interestingly, ETC sliced through the 50% Fibonacci retracement level at $61.66 and is holding above it. A decisive 4-hour candlestick close above it will signal the start of an upswing.

In that case, investors can expect Ethereum Classic price to rally to shatter the swing lows up to $71.91.

In total, this rally would be a 16% climb from its current position, $61.68. Since the upside potential is not capped, ETC might even target the subsequent swing high at $79.12 and the range high at $83.70 in an extremely bullish case.

ETC/USDT 4-hour chart

On the other hand, if Ethereum Classic price fails to stay above the 50% Fibonacci retracement level at $61.66, it will signal weak buying pressure or increased seller activity.

In such a case, market participants can expect ETC to consolidate between $61.66 and $52.63. If the profit-taking increases, Ethereum Classic price might dip to retest the 79% Fibonacci retracement level at $48.88.

A breakdown of this level ($48.88) will invalidate the upswing as it opens up the possibility of a down move to the range low at $39.64.

Author

Akash Girimath

FXStreet

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.