- Ethereum Classic price has made a comeback after a minor retracement to $58.86 support floor.
- The uptrend is likely to continue, retesting the $88.45 demand barrier or 22% gains.
- If ETC breaks below $62.05, it will invalidate the bullish thesis.
Ethereum Classic price took a tumble after a brief rally as it could not slice through a crucial support level. This lack of bullish momentum led to a swift downswing. However, the buyers were able to make a comeback. ETC is currently approaching the same barrier and will play a pivotal role.
Ethereum Classic price expects a higher high
Ethereum Classic price dropped roughly 24% after setting up a swing high at $77.33 on August 15. This downswing is almost undone as ETC has climbed approximately 26% and is quickly approaching $77.33. A decisive close above this barrier will set up a higher high and signal the start of a new uptrend.
In such a case, the Ethereum Classic price will face the $83.48 resistance level, the first hurdle. Surpassing this blockade will put ETC on a path to retest the May 19 daily candlestick’s open at $88.45. If the buyers manage to produce a close above this level, it will signify a complete recovery from the May 19 crash. This move would also constitute a 22% climb from the current position.
Although further gains are plausible, investors should expect a retracement after bulls achieve $88.45.
ETC/USDT 1-day chart
If the buyers fail to push through the August 15 swing high at $77.33, it will denote a weakness among buyers. In such a case, investors can expect Ethereum Classic price to retrace to the $70.23 support floor. Breaching this barrier will push it to $62.05.
A breakdown of the $62.05 demand level will create a lower low and invalidate the bullish thesis.
