Ethereum Classic ETC price is shaping a symmetrical triangle continuation pattern suggesting that price will resolve to the upside and continue the rally originating on June 22. The pattern appears close to the conclusion as ETC price is nearing the triangle’s apex, encouraging investors to ready their portfolio decisions.
Ethereum Classic ETC price did complete a 92% gain from the June 22 low, overcoming the resistance level of the descending May trend line and the previously impossible 2018 high at a price of $46.98. It was a bullish departure from the marginal strength experienced by other altcoins.
ETC consolidation after the price gains from the June 29 high has been mild in magnitude. Still, it effectively released the overbought condition highlighted by the intra-day Relative Strength Indexes and turned the 50 six-hour SMA into support after weeks of notable resistance.
The result of the minor corrective process has been the formation of a symmetrical triangle pattern level with Ethereum Classic price getting close to the apex of the formation, implying that ETC price should activate at any time or risk losing the advantage of the constructive consolidation. As is always the case, price contraction leads to price expansion.
The measured move of the symmetrical triangle is 19%, projecting a target price of $67.09 level, thereby successfully positioning Ethereum Classic's price above the critical 200 six-hour SMA at a price of $57.94. Indeed, the rally potential is minor compared to the initial bounce from the June 22 low, but it strengthens the position of Ethereum Classic ETC price versus the 2018 high of $46.98.
The points of resistance level for the rally include the 200 six-hour SMA at $57.94 and the June 29 high of $62.45.
Currently, the Ethereum Classic price is slipping out of the symmetrical triangle pattern to the downside, but it can be classified as inconclusive. Moreover, the ETC price has not declined below the crucial level of the support level at $52.82. Nevertheless, it requires attention as the trading day progresses.
As mentioned, $52.82 is the line of support level for the symmetrical triangle, but if it fails Ethereum Classic price should capture a bid at the confluence of the July 2 low of $50.67 level with the 50 six-hour SMA at $50.63.
Any ETC price weakness below those levels would assure a test of 2018 high, representing a 13% decline from the current price.
Ethereum Classic price got a headstart on most of the crypto market with a 90% gain and recovering key resistance levels. If the ETC price emerges from the continuation pattern, it will only solidify the relative strength position of the digital token and raise its profile among investors.
MATIC price is very slowly but surely in a squeeze to the upside
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