• Ethereum Classic price has been on a downswing since its first notable run-up reached a peak on May 26.
  • Lately, ETC is hovering between the 62% and 79% Fibonacci retracement levels at $56.38 and $48.89.
  • Investors can expect a 24% run-up to $70 after a bounce from the said range.

Ethereum Classic price has stayed range-bound, quite similar to what most of the crypto market is doing. However, lately, ETC has been consolidating in a tight range. Typically, coiling up leads to massive breakouts. Considering the structure that ETC is displaying, a bullish breakout seems likely.

Ethereum Classic price prepares for lift-off

Ethereum Classic price saw a 111% upswing after bottoming on May 23. Since then, ETC spent its time hovering above the 50% Fibonacci retracement level at $61.66. 

However, the sell-off originating on June 7 kept ETC below the lower half of the range, where it has been trading between the 62% and 79% Fibonacci retracement levels at $56.38 and $48.89, respectively.

A dip in this range is often followed by a move higher, but due to the ranging nature of the crypto markets, Ethereum Classic price is taking its time for a breakout.

A decisive 6-hour candlestick close above the 50% Fibonacci retracement levels at $61.66 will signal the start of an upswing. In such a case, investors can expect Ethereum Classic price to surge to $70, shattering all the resistance levels in between.

This uptick would represent a 24% advance from its current position, $56.79.

In a highly bullish scenario, ETC might climb to the subsequent supply barrier at $71.91.

ETC/USDT 6-hour chart

ETC/USDT 6-hour chart

On the other hand, if Ethereum Classic price fails to break above $61.66, it will represent the weakness in buyers. If this were to happen, ETC would continue coiling up or moving sideways.

However, a convincing 6-hour candlestick close below $48.86, coinciding with the 79% Fibonacci retracement level, will invalidate the bullish thesis.

In this case, ETC could slide 18% to the range low at $39.37.

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

Read full analysis

BTC

ETH

XRP