- Ethereum Classic price is having trouble slicing through the $70.23 resistance level.
- A decisive break above the said barrier will propel ETC by 25% to $83.48.
- If the bears breach the $58.86 support floor, it will invalidate the bullish thesis.
Ethereum Classic price is facing headwinds as it approaches a critical resistance level. This move is the fourth attempt by ETC to shatter this barrier.
Investors need to keep a close eye on this area, as it could trigger a massive uptrend.
Ethereum Classic price waits for breakout
Ethereum Classic price rallied roughly 40% from August 9 to August 15, breaching the $70.23 barrier. This upswing lacked momentum, which led to a breakdown of the said level. Since then, ETC has had two failed attempts and is currently trying to flip this resistance into a support floor.
If such a move were to occur, it would indicate a resurgence of buyers and propel Ethereum Classic price by 10% to the immediate supply level at $77.33. A decisive close above $77.33 opens up the path to $83.48, a retest of which will mean a 25% upswing from the current position.
ETC/USDT 12-hour chart
While the assumption that Ethereum Classic price will breach the $70.23 resistance level is wishful thinking, a failure to do so might restart a retracement. If this pullback shatters the $62.05 support barrier, it will indicate a weak bullish momentum and could exacerbate the downswing, pushing ETC lower.
If the selling pressure knocks down Ethereum Classic price to produce a decisive 12-hour candlestick close below $58.86, it will invalidate the bullish thesis. In such a case, a panic sell-off could drag ETC down to the subsequent support floor at $55.58.
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