Ethereum Classic price is constantly flashing buy signals despite the recent drop and hence a significant buying pressure raised the price upwards. Interestingly, while a pullback was presumed, the price seems to be poised to slice the bearish set-up. Therefore, a path toward $50 appears to be pretty clear as the initial target of $45 may be achieved very soon.
The ETC price bounced off from the lower trend line support at $33.77 displaying the resurgence of a bullish structure. In the upcoming days, one can expect a notable upswing extending for a longer time ahead.
The ETC price since the beginning of the monthly trade is heavily consolidating within the pre-defined support & resistance levels. After testing the upper resistance & experiencing rejection each time, the asset is now gearing up to breach through these levels with the next leg up.
The asset seems to be closer to slicing through the falling wedge, but the probability of another rejection also emerges. If the price surpasses the resistance before the day’s close, a significant upswing may escalate the price to $45. Else it may face another rejection and hit the levels just above the lower support at $32 or $33 and rebound finely to achieve $50 in the coming weeks.