• Ethereum Classic price hit a dead end as it failed to shatter past the supply zone’s upper limit at $80.
  • The inability of the bulls has led to a consolidation period before a potentially explosive move.
  • A decisive daily candlestick close above $80 might trigger a 20% climb to $95.67.

Ethereum Classic price has seen an eye-catching rally since its swing low on May 23. This upswing has overcome multiple resistance barriers and pierced a tough supply zone. ETC needs to move above this resistance area to continue with this bullish run.

Ethereum Classic price prepares to blast off

Ethereum Classic price is currently traversing a supply zone, ranging from $59.44 to $80 after rallying nearly 100% since May 23. The sideways movement that ETC is presently experiencing could see a minor pullback to $70.01, which is an 8% drop.

This retracement will allow the buyers or sellers to build up steam before a massive spike unfolds.

Therefore, a potential spike in bullish momentum that generates a decisive daily candlestick close above $80 will indicate that the bulls have emerged victorious. In that case, Ethereum Classic price would surge 20% to tag the immediate supply level at $95.67. If the bid orders then continue to increase, ETC price might shoot to 114.49, which is roughly 20% appreciation from $95.67.

Investors need to exercise caution since the confirmation of this upswing will arrive only after a convincing close above $80.

ETC/USDT 4-hour chart

ETC/USDT 4-hour chart

While the scenario detailed above is logical, market participants should note that a flash crash or a sudden spike in selling pressure that pushes ETC below $70.01 will signal weakening buying pressure.

If this downtrend shatters the supply zone’s lower limit at $54.44, it will invalidate the bullish thesis and kick-start a 15% crash to $46.48.

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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday. The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow. Upside remains elusive with 61.8% Fib offering strong resistance.

More Shiba Inu news

Cardano price eyes a drop towards $1.85

Cardano price is once again on the slippery slope this Sunday, kicking off a new week on the wrong footing, as ADA bulls lack follow-through recovery momentum. ADA sellers target 100-DMA at $1.85 on a firm break below $2.

More Cardano News

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point as DOT awaits a range breakout

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.

More Polkadot News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP