• 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
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.

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

Dogecoin Price Prediction: How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin Price Prediction: How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin price shows signs of consolidation as it produces a potential top formation. While the direction of DOGE is decided, there might be a minor detour before reaching its target.

More Dogecoin News

Solana price action will get boring unless one of these levels is broken

Solana price action will get boring unless one of these levels is broken

Solana price shows a slow takeover of the bears after bulls managed to move the asset higher. Due to Bitcoin’s sudden sell-off, altcoins, including SOL, have taken a major hit.

More Solana News

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Hedera Hashgraph has the potential to rally towards 2000%. Traders should keep the smart contract alternative token on their watchlists and consider a dollar cost average approach for investing.

More Cryptocurrencies News

Is a 75% decline still possible for the Ethereum Classic price?

Is a 75% decline still possible for the Ethereum Classic price?

Ethereum Classic price rallied 100% between July 12 and July 24 before a short consolidation unfolded. After a few shallow days of sideways congestion, the Ethereum Classic price kicked off another 90% rally.

More Ethereum Classic News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP