ETC prepares for 35% ascent
- Ethereum Classic price is currently bouncing off a crucial support level at $43.46.
- A continuation of this uptrend could lead to a retest of the $59 resistance level.
- However, a breakdown of the range low at $39.68 will invalidate the bullish thesis.
Ethereum Classic price dipped quickly between July 12 and July 15, tagging a key demand barrier. ETC managed to stay above this foothold, suggesting the formation of a potential bottom.
If true, the upswing that originates here could lead to a 35% ascent.
Ethereum Classic price ponders lift-off
Ethereum Classic price dropped 16% in under 48 hours to find support at $42.47. Although ETC briefly dipped below it, the buyers seem to have triggered a quick recovery.
Considering the bullish setup seen on BTC, it is likely that the altcoins will follow suit. Going forward, investors can expect ETC price to rally.
The resistance level at $50.76 will be the first barrier the bulls will encounter after a 16% surge. If the buyers slice through it, Ethereum Classic price could ascend 12% to retest $56.86 and, in some cases, $59.
The run-up from $43.47 to $59 seems plausible and constitutes a 35% rally. However, investors should note that in a highly bullish case, the uptrend could tag the 50% Fibonacci retracement level at $61.58.
ETC/USDT 6-hour chart
While the bullish case makes sense, market participants should understand that the uptrend could go awry if Bitcoin price decides to pull a 180.
If Ethereum Classic price slices through the swing low at $41.09, it will signal the weakness among buyers and open the path for further downswings. However, a breakdown of the range low at $39.68 will invalidate the optimistic scenario outlined above.
In such a case, ETC could drop 5% to tag the $37.53 support level.