In spite of the recent decline, Ethereum Classic price keeps flashing buy signals, so the huge buying pressure pushes the price higher. Interestingly, while a pullback is assumed, the price appears to be poised to pare the bearish setup. Therefore, the path to $50 seems clear, as the initial target of $45 may soon be achieved.
ETC price bounced off lower trendline support at $33.77, showing a revival of bullish structure. In the days to come, one can expect a notable uptrend to continue for a longer time to come.
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ETC price since the start of monthly trading at predefined Consolidation within the support and resistance levels. After each test of resistance and rejection, the asset is now gearing up for a breakout of these levels and the next leg up.
The asset appears to be closer to cutting into a descending wedge, but there is also the possibility of another rejection. If the price surpasses the resistance level before the day’s close, a sharp rise could take the price to $45. Otherwise, it could face another rejection and hit a level below support at $32 or $33, with a modest rally to $50 in the coming weeks.
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