Break of $28.50 leads to more gains
Ethereum Classic’s bullish price predictions took a small break after stalling the bullish move seen in the past seven trading sessions. Ethereum Classic was on a six-day bull run that saw it gain almost 80%. This move pushed the ETC/USDT pair from the July 13 low of 13.35 to the July 23 high of 28.19.
The upcoming Ethereum Merge upgrade has been responsible for the recent demand for Ethereum and Ethereum Classic. Vitalik Buterin, the co-founder of Ethereum, gave the thumbs up to Ethereum Classic, saying it remains a “very fine” blockchain network for those who prefer to work with proof-of-work consensus algorithms.
Ethereum Classic’s bullish price prediction emanates from traders’ perception of ETC continuing to maintain the essence of the original Ethereum blockchain after the Ethereum fork migrated from proof-of-work to proof-of-work consensus mechanisms. participation.
Ethereum Merge is expected to go live in September 2022. This could bring another round of Ethereum Classic bullish price predictions to the market if the bullish outlook unfolds as described below.
Ethereum Classic Price Prediction
The bullish move in ETC/USDT appears to have stalled at the resistance line at 28.51. The ensuing pullback now challenges support at 25.10, formed by the March 7/March 15 lows and May 31, 2022 high.
A breakdown of this price mark opens the door to the 20.89-21.23 support zone. The ceiling of this support is formed by the May 24th and June 7th lows, while the floor is formed by the 50% Fibonacci retracement level from the July 13th low to the July 23rd high. Any further declines in price will test the May 19 low at 19.39, or the 16.57 support formed by the 78.6% Fibonacci retracement level and the June 12, 2022 low.
However, this outlook is negated if price action rebounds off current support and clears resistance at 28.51. This opens the door for an extension of the recovery move targeting the resistance at 33.07 (May 5, 2022 high) and the 37.80 price barrier that houses the February 11 and April 21, 2022 highs.
ETC/USDT: daily chart
