Ethereum Classic price to produce a buy trigger before exploding 25%

Ethereum Classic price consolidates after forming a local bottom as Bitcoin price scrambles to find support. ETC's recovery depends on BTC potential upward bounce being triggered, which would be a sweep of the $20,750 support level. If successful, ETC could trigger an explosive move to fill the imbalance created during the recent crash. 

Ethereum Classic price awaits a buy trigger

Ethereum Classic price formed a double bottom at $31.20 after crashing 25% between August 18 and 22. This development led to a quick 5% recovery, but the plan was foiled by BTC price, which took a tumble.

As a result, investors can wait for Bitcoin price to collect the liquidity present below $20,750 before entering a long position on ETC. After the big crypto sweeps the aforementioned level, investors can check to see if ETC has also swept the sell-stop liquidity resting below $31.20.

If that happens, then it will be the buy required to start accumulating Ethereum Classic price. In such a case, ETC could rally 25% to fill the imbalance present at $39.03. In some cases, the bounce could hit the $40 psychological level and form a local top there.

ETC/USDT 1-day chart

On the other hand, if Ethereum Classic price fails to stay above the equal lows formed at $31.20 or recover above it, it will indicate a weakness among ETC buyers. In such a case, market participants can look for a retest of the $26.27 and $25.11 support levels.

A daily candlestick close below the $25.11 barrier that flips it into a resistance level will invalidate the bullish recovery thesis for Ethereum Classic price.