ETC price has been on a bit of a losing streak lately, dropping about a quarter of its value in the past few months. This is just part of a larger trend, as the daily Ethereum classic price shows a steady decline.
This long-term decline in ETC Price has created a powerful barrier, which has only grown stronger during the recent pullback, forming a second line of defense.
Looking at the ETC price action, Ethereum Classic has shown serious buying power at the $14.75 level. This results in a bullish breakout of the secondary resistance trendline, teasing a new upcycle to the overhead trendline.
The ETC price might soon bounce back with the double-bottom reversal rally crossing the trendline. Moreover, it could break through the 50-day EMA to prolong the uptrend.
Ethereum Classic is currently hovering around $15.63, with a slight dip of 0.70% today. Bitcoin’s sudden surge has boosted ETC price, and it could start to go up again.
The RSI indicator shows a bullish divergence, which indicates that the stock is likely to go up. This is supported by the double-bottom formation, which is another sign of a bullish trend. The MACD indicator also shows a bullish trend, which further confirms the bullish trend.
With the ETC price breaking past this short-term resistance trend line, a bullish surge is on the cards. It might soon challenge the primary resistance trend line near the $19 mark, a 22% jump.
On the other hand, if Ethereum Classic doesn’t hold up and falls below $14.75, we could see ETC price dip to $12.65.
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