Ethereum Classic price must overcome one hurdle for ETC to skyrocket to $85

Ethereum Classic price went from retesting the upper trend line of a technical formation to the lower trend line. While this might appear bearish, it could be the perfect time for a reversal in trend.

Ethereum Classic price to blast off soon

Ethereum Classic price crashed 19% over the past two days and set up the third higher low since June 22. In the same period, ETC has created three higher highs. Connecting these swing points shows the formation of an ascending parallel channel.

Although the ETC pulled below the lower trend line of the pattern during the recent crash, things will remain bullish if the buyers push Ethereum Classic price above it.

Doing will indicate that the bulls are in town and are likely to trigger an upswing that will eventually retest the upper trend line of the technical formation at $84.50.

While this 70% ascent might seem over-optimistic, it is possible if ETC manages to flip a critical resistance barrier at $57.57 into the support floor. This development will likely propel Ethereum Classic price to tag $73.93 before making a run at the target at $84.50.

ETC/USDT 1-day chart

Regardless of the optimism around Ethereum Classic price, a failure to climb above the pattern’s lower trend line at $52.93 will indicate that the buyers are not ready.

Such a signal could lead to a retest of the $48.41 support barrier. A breakdown of this level will invalidate the bullish thesis by creating a lower low.

In that case, ETC might venture down to $43.13, and in dire circumstances, the altcoin might revisit the $37.72 swing low created on July 20.