|

Ethereum Classic Price Prediction: ETC needs to shatter this resistance barrier to trigger 25% advance

  • Ethereum Classic price is having trouble slicing through the $70.23 resistance level.
  • A decisive break above the said barrier will propel ETC by 25% to $83.48.
  • If the bears breach the $58.86 support floor, it will invalidate the bullish thesis.

Ethereum Classic price is facing headwinds as it approaches a critical resistance level. This move is the fourth attempt by ETC to shatter this barrier.

Investors need to keep a close eye on this area, as it could trigger a massive uptrend.

Ethereum Classic price waits for breakout

Ethereum Classic price rallied roughly 40% from August 9 to August 15, breaching the $70.23 barrier. This upswing lacked momentum, which led to a breakdown of the said level. Since then, ETC has had two failed attempts and is currently trying to flip this resistance into a support floor.

If such a move were to occur, it would indicate a resurgence of buyers and propel Ethereum Classic price by 10% to the immediate supply level at $77.33. A decisive close above $77.33 opens up the path to $83.48, a retest of which will mean a 25% upswing from the current position.

ETC/USDT 12-hour chart

ETC/USDT 12-hour chart

While the assumption that Ethereum Classic price will breach the $70.23 resistance level is wishful thinking, a failure to do so might restart a retracement. If this pullback shatters the $62.05 support barrier, it will indicate a weak bullish momentum and could exacerbate the downswing, pushing ETC lower.

If the selling pressure knocks down Ethereum Classic price to produce a decisive 12-hour candlestick close below $58.86, it will invalidate the bullish thesis. In such a case, a panic sell-off could drag ETC down to the subsequent support floor at $55.58.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

XRP retreats as ETF interest cools
Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.
Crypto Today: Bitcoin, Ethereum, XRP pare losses as breakout potential builds
Bitcoin (BTC) is edging higher on Friday, albeit gradually, after reclaiming support above $65,000. Meanwhile, Ethereum (ETH) shows signs of stability near the immediate $1,900 hurdle, backed by mild capital inflows. Ripple (XRP), on the other hand, holds above the pivotal $1.10, with its upside structurally constrained below $1.15.
Bitcoin Weekly Forecast: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.
Crypto shrugs off a stronger Dollar
Cryptocurrencies have been affected by jitters in traditional financial markets, losing 0.8% of their market capitalisation over the past 24 hours to $2.23T, dipping to a low of $2.21T at the start of active trading in Asia.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.