- Ethereum Classic price is consolidating in a narrow range, waiting for a major breakout.
- A break below the 50% Fibonacci retracement level at $ 61.68 would signal the start of a downtrend.
- If ETC makes a decisive close in 4 hours above $ 72.17, the outlook could change.
The Ethereum Classic price began consolidating on May 28 and has since slipped into a narrow range. Investors can expect an explosive move soon as ETC explodes below a critical support level.
Ethereum Classic price suggests lower
Ethereum Classic price rose 109% between May 23-26, creating a trading range that is still valid. Since the formation of this limit, ETC has not specifically crossed the level. 50% Fibonacci retracement at $ 61.68.
Since May 28, the price of Ethereum Classic has been steadily declining and trading in a narrow range extremely close to $ 61.68. Thus, investors can expect an explosion of volatility in the next step.
The presence of the 4-hour 50 simple moving averages (SMA) and the 4-hour 100 at $ 66.54 indicates that the ETC may fall. A deviation at this level could lower the price of Ethereum Classic by 17%, marking a demand zone extending from $ 48.78 to $ 54.12.
Market participants can expect ETC to find support around the 70.5% Fibonacci retracement level at $ 52.71.
A break of $ 48.78 could trigger a sharp drop in the support level to $ 45 or the low of the $ 39.79 range.
4 Hour ETC / USDT Chart
On the other hand, if the Ethereum Classic price manages to peak above $ 72.17, it will invalidate the bearish outlook and signal a resurgence of buyers.
If that happens, investors can expect ETC to rally 15% to the high of the $ 83.57 range, or reverse at that high to mark resistance at $ 86.48.