- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC Chair Gensler hints at resignation amid lawsuit from 18 states accusing the regulator of unlawful overreach
In a filing on Thursday, 18 states, along with the DeFi Education Fund, issued a lawsuit against the Securities and Exchange Commission, alleging that the regulator's crackdown on the crypto industry has been unlawful and unconstitutional.
Bitcoin Price Forecast: BTC eyes $100K, what are the key factors to watch out for?
Bitcoin trades below $90K in the Asian session on Friday as investors realized nearly $8 billion in profits in the past two days. Despite the profit-taking, Bitwise CIO Matt Hougan suggested that BTC could be ready for the $100K level, fueled by increased stablecoin supply and potential government investment.
Ethereum Price Forecast: ETH could rally to $4,522 despite mixed on-chain flows among investors
Ethereum is down over 1% on Thursday following record net inflows across ETH exchange-traded funds in the past six days. Despite the bullish market outlook, $300 million worth of unstaked ETH could hit the market and cause downward pressure on prices.
Crypto Today: Bhutan sells $33M BTC, McDonald’s launches NFTs, PEPE, SUI emerge top gainers
The aggregate cryptocurrency market capitalization shrank by 1.45% on November 14, reflecting a $42.6 billion dip. In the last 24 hours, 170,878 traders were liquidated to the tune of $485.13 million, per Coinglass data.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.