Ethereum Classic prices loses support, targeting $60


  • Ethereum Classic has been in an uptrend since September 1.
  • An ascending trend line is looking for a squeeze to the upside against $78.07.
  • A pop above $80 could push Ethereum Classic price toward $100 within weeks.

Ethereum Classic (ETC) price got launched in a perfect technical bullish setup on September 1. Buyers in ETC stepped in at the R1 resistance level at $60 and saw price action going in their favor. Since then, ETC is respecting a short-term blue ascending trend line that seems to bring price action back to $78.07. That level was tested on September 6 and rejected the tick against the monthly R1 resistance level.

With that rejection, it is expected that ETC price action looks for some support lower down the ladder. That is where the blue ascending trend line comes back into play. Expect the blue ascending trend line to stay respected in the coming days and see ETC try another attempt to break $78.07 to the upside.

When ETC breaks $78.07, expect a rocket launch toward $100

When ETC price breaks that R1 and $78.07 level, that is not much in the way of price moving higher quite quickly. The only point where we could see a slight pause is around the monthly R2 resistance level at $93.75. After that, it will just take one or two trading sessions to test that magical $100 level, but that is how far ETC will go. Just above $100, around $101.32, the historical level from May 5 has not been tested since May 16.

ETC/USD daily chart
ETC/USD daily chart

It will be vital for buyers to keep that ascending blue trend line in place if they want to push Ethereum Classic toward $100.

On the other hand, sellers will have their eyes on $80 as that level will act as a double top with the monthly R1 and that barrier just below at $78.07. A break of the blue ascending trend line might tempt sellers into pushing price action down aggressively toward $60. Then $59.70 would halt their blitzkrieg as this level has shown its importance in the past.

 


 

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