Briefly –
- Ethereum Classic battles to overcome the resistance level at $70.23.
- A break past this price barrier will see ETH climbing by 25% towards $83.48.
- Meanwhile, if bears breach the support floor at $58.86, the bullish thesis will fade.
Ethereum Classic experiences headwinds near the critical resistance. Keep in mind that this is the fourth time the alternative coin attempts to conquer this obstacle. ETC investors should observe this level as it can catalyze massive price upsurges.
ETC Anticipates a Breakout
The price actions from 9 August to 15 August had Ethereum Classic surging around 40%. That way, the crypto overpowered the price barrier at $70.23. However, the uptrends lacked momentum, and the token breakdown the level mentioned earlier. After that, ETC tried twice to move past the obstacle but failed. While writing this, the token try to flip the resistance to a support level.
If such price development happens, it will translate to buyers’ resurgence, and it might propel the alternative asset high by 10% towards the closest supply zone at $77.33. If ETC manages to close over this level, it will head towards $83.48. Such progress will translate to a 25% upswing from the asset’s current price.
Though presuming that ETC will break the resistance at $70.23 can be a wishful contemplation, failure to register such a move will mean retracement. If the drops shatter the support barrier at $62.05, the market will confirm weak bullishness. That can result in downswings taking Ethereum Classic further low.
Meanwhile, maximized selling pressure for ETC to form a decisive 12-hr candle close beneath $58.86 will cancel the bullish outlook. With such development, panic sell-offs might drag Ethereum Classic low towards the support floor located at $55.58.
However, the altcoin market seems to take a fresh breath after BTC attempted to explore the $50,000 psychological level. The developments had most altcoin hitting new highs. If the crypto space maintains its bullish attitude, cryptocurrencies, including Ethereum Classic, will hit their targets. However, such progress necessitates the correct market catalysts to drive prices higher.
We have more updates for you. Stay tuned.
