• Ethereum Classic has been in an uptrend since September 1.
  • An ascending trend line is looking for a squeeze to the upside against $78.07.
  • A pop above $80 could push Ethereum Classic price toward $100 within weeks.

Ethereum Classic (ETC) price got launched in a perfect technical bullish setup on September 1. Buyers in ETC stepped in at the R1 resistance level at $60 and saw price action going in their favor. Since then, ETC is respecting a short-term blue ascending trend line that seems to bring price action back to $78.07. That level was tested on September 6 and rejected the tick against the monthly R1 resistance level.

With that rejection, it is expected that ETC price action looks for some support lower down the ladder. That is where the blue ascending trend line comes back into play. Expect the blue ascending trend line to stay respected in the coming days and see ETC try another attempt to break $78.07 to the upside.

When ETC breaks $78.07, expect a rocket launch toward $100

When ETC price breaks that R1 and $78.07 level, that is not much in the way of price moving higher quite quickly. The only point where we could see a slight pause is around the monthly R2 resistance level at $93.75. After that, it will just take one or two trading sessions to test that magical $100 level, but that is how far ETC will go. Just above $100, around $101.32, the historical level from May 5 has not been tested since May 16.

ETC/USD daily chart
ETC/USD daily chart

It will be vital for buyers to keep that ascending blue trend line in place if they want to push Ethereum Classic toward $100.

On the other hand, sellers will have their eyes on $80 as that level will act as a double top with the monthly R1 and that barrier just below at $78.07. A break of the blue ascending trend line might tempt sellers into pushing price action down aggressively toward $60. Then $59.70 would halt their blitzkrieg as this level has shown its importance in the past.

 


 


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


Recommended Content

Editors’ Picks

Storj Price Forecast: Bulls aiming for double-digit gains

Storj Price Forecast: Bulls aiming for double-digit gains

Storj (STORJ), an open-source platform that leverages the blockchain to provide end-to-end encrypted cloud storage services, continues to trade higher by 4.4%, around $0.39 on Tuesday after rallying 5% the previous day.

More Storj News
XRP declines below $2.72 key level as Elon Musk's DOGE to begin SEC examination

XRP declines below $2.72 key level as Elon Musk's DOGE to begin SEC examination

Ripple's XRP saw a 4% decline in the early Asian session on Tuesday following an announcement that the Department of Government Efficiency is targeting the Securities and Exchange Commission (SEC) as the next agency to face its examination process.

More Ripple News
FTX repayments stir mixed feelings among investors, sending Bitcoin and Solana down

FTX repayments stir mixed feelings among investors, sending Bitcoin and Solana down

Bitcoin (BTC) and Solana (SOL) experienced declines on Monday as defunct crypto exchange FTX will begin redistributing tokens owed to creditors from its collapse in 2022, starting with those who held $50,000 or less.

More Cryptocurrencies News
Toncoin Price Analysis: TON nears $4 as LTC and DOGE ETF hype lifts PoW sector

Toncoin Price Analysis: TON nears $4 as LTC and DOGE ETF hype lifts PoW sector

Toncoin price has consolidated within the 2% tight range between $3.8 - $4 over the last 12 days.

More Toncoin News
Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP