Ethereum Classic Price Analysis: Within Secondary Correction, Will ETC Price Give A Breakout?

The post Ethereum Classic Price Analysis: Within Secondary Correction, Will ETC Price Give A Breakout? appeared first on Coinpedia Fintech News

ETC price trend maintains constant multi-contact support at the $14.50 mark, providing a bounce pad for the last 14 months. However, the ETC price action displays a solid overhead selling with lower high formations, leading to a strong resistance trendline. 

Moreover, the fall back to $14.50 leads to a secondary resistance trendline to keep the minor bullish outgrowth in check. 

Following the recent bounce back from $14.50, the recovery rally finds additional bullish momentum with the Grayscale legal win. With a 6.23% jump on Tuesday, challenging the resistance, the ETC price reached $16.96. 

However, the extensive selling at the secondary resistance trendline pushes the ETC price down by 5.09%. Evaporating the additional sentimental gains, the ETC price reverses from the trendline. 

Supporting a comeback in ETC price from the $14.50 bounce pad, the MACD and RSI indicators present a bullish signal. The underlying sentiments improve with a bullish crossover in MACD and a hike above the halfway line in RSI. 

Currently, the ETC price forms a doji candle, trading at $16.05 with an intraday growth of 0.19%. This projects a possibility of a prolonged uptrend, potentially breaking above the secondary trendline. 

On an optimistic side note, the trendline breakout will pump the ETC price substantially to reach the overhead resistance trendline close to $19.

On the flip side, a fall below the $14.50 mark will plunge the ETC prices to $12.65.