- Ethereum Classic price is trading within an ascending parallel channel.
- A retest of the lower trend line at $50 is make or break, triggering a massive bull rally or a steep descent.
- The ascent could push ETC up by 42% to $73.94.
Ethereum Classic price sliced through a crucial resistance level on September 7 and shows no sign of reversal yet. Moreover, a resurgence of buyers around another key barrier could trigger a new uptrend.
Ethereum Classic price approaches inflection point
Ethereum Classic price set up three swing highs and lows since June 22. Connecting these swing points using trend lines results in the formation of an ascending parallel channel. So far, ETC price action has stayed within the pattern’s limits. The September 7 crash pushed the coin below the middle line of the channel and ETC is currently approaching the lower limit at $50.
Assuming an optimistic outlook, a resurgence of buyers around $50 is likely to trigger an uptrend to retest the middle line of the channel. A breach of this ceiling would push ETC up to the $73.94 hurdle, roughly a 47% climb from the $50 barrier.
Slicing through the said blockade would allow Ethereum Classic price to scale to $84.50 and, in a highly bullish case, the $103.04 level.
While things are hanging in-between for Ethereum Classic price, a bounce from the lower trend line of the parallel channel will hint at a bullish outlook.
However, if the buyers fail to make a comeback around the $50 support floor, the bears will control ETC.
A breakdown of the $48.41 demand barrier would set up a lower low, signifying a change in trend favoring the sellers. In such a case, the bullish thesis will face invalidation and might knock Ethereum Classic price down to $37.72 and $27.77.