Ethereum Classic ETC price reached an all-time high of $180 on May 6. Since then, ETC price entered a stagnation phase that could result in a 55% upswing.
Following the peak in early May, Ethereum Classic ETC price has seen a large number of investors sell part of their positions to ensure profits. The increase in selling pressure has pushed ETC price down by more than 50% since then toward a low of $75.
As ETC price made a series of lower highs and higher lows through the correction, a symmetrical triangle pattern developed on the 4-hour ETC/USDT chart. This technical pattern predicts that ETC price could stage a 56% move upon the breakout point.
A spike in buy orders that pushes Ethereum Classic ETC price above the triangle’s resistance trendline at a price of $90 might signal the resumption of the uptrend. ETC price could then gain over 40 points, to hit a target of $132.
Even though the odds seem to favor the ETC bulls, a rejection of the $90 resistance support level could spell trouble for Ethereum Classic price. Failing to crack this hurdle may see ETC price retrace toward the triangle’s lower trendline at $82.
If this support level cannot contain the bearish momentum, the Ethereum Classic price may drop by another 56% to a price of $37.
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