ETC might correct as uptrend exhausts

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  • Ethereum Classic price is has tagged the $55.58 resistance level for the third time over the past month.
  • A decisive close above this barrier might propel ETC by 11%, but anything beyond this level seems unlikely.
  • Rejection at or before $62.05 is likely to trigger a correction to $51.48.

Ethereum Classic price is trying to slice through a critical resistance barrier for the third time in the past month. A successful breach might lead to a minor upswing, but a pullback seems inevitable for ETC considering the recent run-up.

Ethereum Classic price at wit’s end

Ethereum Classic price has rallied roughly 48% between July 20 and August 7 but failed to slice through the $55.79 resistance level. The current attempt is the third try over the past month. Even if the bulls are successful in breaching this ceiling, the upside seems to be limited to $62.05. Therefore, investors can expect a retracement after a rejection at $62.05 or the resistance levels before it.

If such a move were to occur, ETC might find support around the $51.48 support level and, in a highly bearish case, $46.52.

ETC/USDT 9-hour chart

Although the upside for Ethereum Classic price seems to be capped, a decisive 9-hour candlestick close above $62.05 will indicate that the bulls are not done. A successful flip of this level into a support barrier will invalidate the bearish outlook.

Furthermore, this development could potentially attract sidelined investors to jump on the bandwagon, increasing the buying pressure. If such a thing were to occur, market participants could expect the newfound bullish momentum to catapult ETC to $70.23, roughly 28% from the current position.

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