- Ethereum Classic price is highly resilient as it 94% after the correction between June 21 and June 22.
- After this massive uptrend, ETC is likely to retrace to the equilibrium at $47.4.
- A breakdown of the support barrier at $46.86 will lead to further downswing and delay the upswing.
Ethereum Classic price experienced a steep pullback after rallying exponentially. The correction seems to be over but might extend to the immediate support barrier. Regardless of a steeper retracement, ETC looks bullish.
Ethereum Classic price to retrace before taking off
Ethereum Classic price rose nearly 95% after a 38% downswing between June 21 and June 22. The resulting upswing pushed ETC from $32.05 to $62.55. However, ETC experienced a 19% downswing after a massive rally, which plateaued at the $50.44 support level. After a brief consolidation here, Ethereum Classic price has climbed 5%, but this move could be a temporary uptrend, which could revert and tag the 50% Fibonacci retracement level at $47.38.
An upswing that stems here could hold the potential to rally 20% and tag the supply level at $57.57. If the bid orders continue to pile up following the breach of the said ceiling, ETC might continue its ascent and retest the range high at $62.55.
ETC/USDT 4-hour chart
On the other hand, a breakdown of the 50% Fibonacci retracement level at $47.38 will signal that the sellers are fighting back. But a decisive 4-hour candlestick close below the subsequent demand barrier at $46.85 will push Ethereum Classic price in a ‘discount zone,’ relative to the mid-way point of the range.
Although unlikely, a clear invalidation of the upswing will occur beyond the 79% Fibonacci retracement level at $38.58.
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