- ETC price action shows a retest phase of a bullish breakout of the consolidation range in the weekly chart.
- The range breakout ends the long-term lower-high formations and marks a trend reversal.
- As per the Fibonacci levels in the weekly chart, the reversal trend can reach the $40 mark.
Following the impressive recovery of 37% last week, the ETC price shows a minor pullback this week. With a 6.47% decline, the minor pullback humbles the Ethereum Classic buyers and retests the breakout level.
With the weekly chart signaling an overall trend reversal spark getting brighter in the ETC price trend, the retest comes as an entry spot. Moreover, our ETC price prediction aligns with the trend reversal possibility as we expect a bull run for Ethereum Classic in 2024.
Source – Tradingview
ETC Price Prepares A Takeoff Beyond $30
In the daily chart, the recent correction marks a quick retest of the 50-day EMA and the 38.20% Fibonacci level. However, the increased demand at lower levels pushes the Ethereum Classic price higher back with a long-tail bullish candle.
Further, an uptick in the trading volume supports the idea of a bullish comeback to conclude the ongoing retest. Currently, the ETC price trades at $24.82 and shows a 2.05% drop, resulting in a new bear candle, teasing a sideways shift above $24.
Stochastic RSI: The K and D lines in the stochastic RSI maintain a declining slope and approach the oversold boundary. Hence, a bounceback is possible as the lines may soon reverse from the oversold.
EMA: In the daily chart, the 50-day EMA reflects a dynamic solid support ready to absorb overhead supply.
Will Ethereum Classic Price Reach $40?
Following the impressive reversal last night from the confluence of supports at $24, the Ethereum Classic sustains the uptrend. In addition, the weekly chart reflects a potential trend reversal with the range breakout.
Hence, the technical chart signals an entry opportunity for sideline traders in both weekly and daily charts.
If the buyers manage to lift the uptrend, the ETC price may break past $30 to reach $40 shortly. However, if ETC fails to maintain its momentum, it may break the $24 level to test the $20 mark.