Ethereum Classic Price Prediction: ETC eyes 23% upswing
|- Ethereum Classic price has climbed above the range low at $39.69, an attempt to move higher.
- A minor pullback might occur before ETC rallies 23% to tag $51.45.
- If the swing low at $37.53 is breached, it will invalidate the bullish thesis.
Ethereum Classic price dipped below the range low on June 22 but climbed above it only recently. This move indicates that buyers are back and a mean reversion is likely.
Ethereum Cassic price primed for higher high
Ethereum Classic price reclaimed the range low at $39.69 on June 26 and retested it on June 27. This move resulted in a 6.25% rally, which might continue to head higher.
Such a move would result in a retest of the immediate supply barrier at $45.49. Slicing through this area will open the path for ETC to tag the resistance level at $51.45, a 23% ascent from its current position, $41.70.
While this scenario is perfectly valid, investors need to watch out for a brief and minor pullback before Ethereum Classic price ascends.
In the short term, the intended target at $51.45 will lead to a pullback. However, if the conditions are right, ETC might rally toward the 50% Fibonacci retracement level at $61.69.
ETC/USDT 4-hour chart
On the flip side, if Ethereum Classic price slices through the range low at $39.69, it will signal the inability of buyers. This move would further open up an opportunity for bears to keep the price grounded.
A potential spike in bearish momentum that pushes ETC to create a swing low below $37.53 will invalidate the optimistic scenario outlined above.
In that case, the panicking investors might trigger another bearish descent to $34.54, an 8% crash.
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.