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Ethereum Classic price on the cusp of a 20% advance, as ETC awaits the trigger
Ethereum Classic price is shaping a symmetrical triangle continuation pattern suggesting that price will resolve to the upside and continue the rally originating on June 22. The pattern appears close to the conclusion as ETC is nearing the triangle’s apex, encouraging investors to ready their portfolio decisions.
Ethereum Classic price did complete a 92% gain from the June 22 low, overcoming the resistance of the descending May trend line and the previously impossible 2018 high at $46.98. It was a bullish departure from the marginal strength experienced by other altcoins.
ETC price consolidation after the gains from the June 29 high has been mild in magnitude. Still, it effectively released the overbought condition highlighted by the intra-day Relative Strength Indexes (RSI) and turned the 50 six-hour SMA into support after weeks of notable resistance.
The result of the minor corrective process has been the formation of a symmetrical triangle pattern with Ethereum Classic price getting close to the apex of the formation, implying that ETC should activate at any time or risk losing the advantage of the constructive consolidation. As is always the case, price contraction leads to price expansion.
The measured move of the symmetrical triangle is 19%, projecting a target price of $67.09, thereby successfully positioning Ethereum Classic price above the critical 200 six-hour SMA at $57.94. Indeed, the rally potential is minor compared to the initial bounce from the June 22 low, but it strengthens the position of Ethereum Classic price versus the 2018 high of $46.98.
The points of resistance for the rally include the 200 six-hour SMA at $57.94 and the June 29 high of $62.45.
Currently, Ethereum Classic price is slipping out of the symmetrical triangle to the downside, but it can be classified as inconclusive. Moreover, ETC has not declined below the crucial level of support at $52.82. Nevertheless, it requires attention as the trading day progresses.
ETC/USD 6-hour chart
As mentioned, $52.82 is the line of support for the symmetrical triangle, but if it fails Ethereum Classic price should capture a bid at the confluence of the July 2 low of $50.67 with the 50 six-hour SMA at $50.63.
Any ETC weakness below those levels would assure a test of the 2018 high, representing a 13% decline from the current price.
Ethereum Classic price got a headstart on most of the cryptocurrency market with a 90% gain and recovering key resistance levels. If ETC emerges from the continuation pattern, it will only solidify the relative strength position of the digital token and raise its profile among investors.