- The price of Ethereum Classic cracked the resistance level at $ 55.58 for the third time last month.
- A closing price above this barrier could cause the ETC price to rise 11%, but it seems unlikely to rise above this level.
- Failure at or before $ 62.05 should trigger a correction to $ 51.48.
The Ethereum Classic price is trying to break a critical resistance level for the third time in the last month. A successful break could result in a small rebound, but a pullback seems inevitable for ETC given the recent spike.
Ethereum Classic at the end of its tether
Ethereum Classic price rose around 48% between July 20 and August 7, but failed to break the resistance at $ 55.79. The current attempt is the third in the last month. Even if the bulls manage to break that ceiling, the upside appears to be limited to $ 62.05. Hence, after a rejection at $ 62.05 or previous resistance levels, investors can expect a pullback.
Should such a move occur, ETC could find support around the $ 51.48 level and around the $ 46.52 level in a strongly bearish fall.
ETC / USDT 9-hour chart
Although the Ethereum Classic’s uptrend appears to be capped, a 9-hour chart closing price above $ 62.05 would show that the bulls are not over yet. A successful close above this level would invalidate the bearish outlook.
Furthermore, this development could lead investors who remain in the background to jump on the bandwagon and increase buying pressure. If so, market participants could expect the newly discovered bullish momentum ETC to catapult as high as $ 70.23, an increase of around 28% from its current level.