- Ethereum Classic price broke out of a daily triangle to the downside.
- Price action is getting squeezed against the last line of defense at $45.72.
- ETC grabbing lower highs via technical pressure.
Ethereum Classic price is not able to consolidate further to the upside. A few technical elements are driving the price to lower highs and lower lows. ETH price is ready to get squeezed against the last technical support before dipping more down to $32.90.
Ethereum Classic price is hanging by a thread for upside potential
Ethereum Classic price was in a technical play these past few days with a solid triangle formation. But price action broke to the downside, and ETC is currently trading below the triangle.
Technical forces from above are pushing prices lower. ETC has the purple descending trend line that falls in line with the triangle side, capping the tops from the past few days.
The weekly pivots do not show much upside potential as well, as last week's price action broke below the weekly pivot, tested it but got rejected, and moved lower since. The same play looks to be unfolding this week with the weekly pivot not even tried on Monday before Ethereum Classic price action moved lower once again.
Slowly but surely, ETC is coming toward $45.72, which is a crucial level from June 25. After a failed test to the upside, Ethereum Classic price broke above it a few days later and has not been down to test that level since.
ETC/USD daily chart
Some support could pop up with the S1 support pivot just below $45.72. But seeing how Ethereum Classic price action is behaving, expect a dip lower as the trend is to the downside.
Any upside potential can be looked for around the S2 support pivot and $40-handle that will act as an essential psychological level. Buyers will look to enter there before thinking about $32.90.
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