• Ethereum Classic price has been locked in a bearish trend, following an explosive surge in early May.
  • ETC is building a bull flag pattern with a resistance trend line at $100. 
  • Retesting of the all-time high level could potentially push ETC to new record highs. 

Ethereum Classic price surged by over 400% during the first week of May, creating a new all-time high at nearly $180. ETC has retraced since then by over 50% and is currently trading at $89. Now, this cryptocurrency seems prime to resume its uptrend as it tries to break out from a continuation pattern.  

Ethereum Classic price consolidates before next major push

Ethereum Classic price is forming lower highs and lower lows on the 12-chart. Joining these pivot points using a trendline creates a bull flag, where the 413% upswing that preceded this act seems to have formed the flagpole. Such a bullish pattern indicates that ETC uptrend is expected to continue soon. 

A breakout above the flag’s resistance trend line at $100 could increase the odds for an 80% upswing to retest the recent all-time high of nearly $180. This conservative target is measured by adding the length of the flag pole to the breakout point. 

If Ethereum Classic price manages to break through its all-time high and flips this level into support, ETC could be driven towards $500, representing a 413% rally as calculated by the flagpole’s height. 

ETC/USDt 12-hour chart

ETC/USDT 12-hour chart

Ethereum Classic price action must remain above the critical support zone at $74.81 to add credence to the optimistic outlook. Otherwise, the bulls would lose control and ETC could break below the flag’s lower trendline at $60. 

The downswing might result in further selling, pushing Ethereum Classic price toward $50. This price hurdle acted as stiff resistance from mid-April until May 3, suggesting that it may serve as strong support in the event of a correction. 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Fed’s Powell calls for proper crypto regulations as Bitcoin price shoots beyond $20,000

Fed’s Powell calls for proper crypto regulations as Bitcoin price shoots beyond $20,000

Bitcoin price is exploring highs above $20,000 on Tuesday after holding support at $18,800 for nearly four days. Green sprouts are noticeable across the market, led by Uniswap price’s 16.70% move to $6.60

More Bitcoin News

Ethereum price eyes $1,450 as post-Merge tax problems arise

Ethereum price eyes $1,450 as post-Merge tax problems arise

Ethereum price shows a steady climb over the last twelve hours as a direct consequence of the sudden spike in Bitcoin price, which influences the whole crypto market. 

More Ethereum News

XRP price cools off before preparing for its next 100% rally

XRP price cools off before preparing for its next 100% rally

XRP price shows an interesting development in the lower time frame that hints at a potential retracement. The higher time frame scenario also entertains the possibility of a deeper pullback after its recent explosive move.

More Ripple News

MATIC Price Prediction: These signals are key to catching Polygon’s 20% rally

MATIC Price Prediction: These signals are key to catching Polygon’s 20% rally

MATIC price continues to consolidate around the range low for more than a week and shows no signs of breaking out. Investors should pay close attention and anticipate the bullish resurgence, which could trigger an explosive move.

More Polygon News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP