Ethereum Classic Breakout Opportunity

Ethereum Classic found the bottom at $12, which has been tested on the 10th of June. since then price started to rise slowly, producing higher highs and higher lows. The 50 Moving Average has been broken and currently ETC/USD is trading above it.

The uptrend trendline has been rejected forming minor support at $15.65. At the same time minor resistance is seen at $17.44, which has to be broken in order for the ETC to continue going higher.

Daily break and close above the $17.44 resistance should push price further up, towards the previous resistance level at $25.4, which is 38.2% Fibonacci retracement level.

But, daily break and close below the $15.65 might result in a continuation of the range trading, potentially sending price back down to the $12 support area.



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