- Ethereum Classic price has been on a downswing since its first notable run-up reached a peak on May 26.
- Lately, ETC is hovering between the 62% and 79% Fibonacci retracement levels at $56.38 and $48.89.
- Investors can expect a 24% run-up to $70 after a bounce from the said range.
Ethereum Classic price has stayed range-bound, quite similar to what most of the crypto market is doing. However, lately, ETC has been consolidating in a tight range. Typically, coiling up leads to massive breakouts. Considering the structure that ETC is displaying, a bullish breakout seems likely.
Ethereum Classic price prepares for lift-off
Ethereum Classic price saw a 111% upswing after bottoming on May 23. Since then, ETC spent its time hovering above the 50% Fibonacci retracement level at $61.66.
However, the sell-off originating on June 7 kept ETC below the lower half of the range, where it has been trading between the 62% and 79% Fibonacci retracement levels at $56.38 and $48.89, respectively.
A dip in this range is often followed by a move higher, but due to the ranging nature of the crypto markets, Ethereum Classic price is taking its time for a breakout.
A decisive 6-hour candlestick close above the 50% Fibonacci retracement levels at $61.66 will signal the start of an upswing. In such a case, investors can expect Ethereum Classic price to surge to $70, shattering all the resistance levels in between.
This uptick would represent a 24% advance from its current position, $56.79.
In a highly bullish scenario, ETC might climb to the subsequent supply barrier at $71.91.
ETC/USDT 6-hour chart
On the other hand, if Ethereum Classic price fails to break above $61.66, it will represent the weakness in buyers. If this were to happen, ETC would continue coiling up or moving sideways.
However, a convincing 6-hour candlestick close below $48.86, coinciding with the 79% Fibonacci retracement level, will invalidate the bullish thesis.
In this case, ETC could slide 18% to the range low at $39.37.
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