- Ethereum Classic price has dipped below the range low at $39.68 as the crypto markets tumbled.
- Recovery above $39.68, followed by a swing high above $43.93, will confirm an uptrend.
- A breakdown of the $32.21 support level will invalidate the bullish outlook.
Ethereum Classic price crashed as the cryptocurrency market took a hit on July 20. While many altcoins are consolidating, ETC seems to be preparing for a leg up.
Ethereum Classic price needs a burst of bullish momentum
Ethereum Classic price sliced through the swing low at $39.68 on June 22 but recovered quickly and rallied roughly 94% over the next week. Now that ETC has shattered the range low again, investors can expect a similar reaction.
The first confirmation of the upswing will arrive after ETC bulls reclaim the range low at $39.68. Following this, the buyers need to push Ethereum Classic price to produce a decisive 12-hour candlestick close above $40.93. Such a move will set up a higher high and indicate the backing of buyers.
If these two were to occur, ETC will likely rally to the immediate resistance level at $51.35 and, in some cases, $55.58. This move would represent a 40% climb from the current position – $38.90.
ETC/USDT 12-hour chart
On the other hand, if Ethereum Classic price recovers above $39.68 but fails to close above $40.93, it will denote weak buying pressure. If this were to occur, a retracement to retest the range low at $39.68 would follow.
While a consolidation here might give ETC another chance at an upswing, a breakdown of the $32.21 support level will invalidate the bullish thesis.
In such a case, persistent selling pressure could push Ethereum Classic price down to $29.04