Ethereum Classic ETC price is trying to slice through a critical resistance barrier level for the third time in the past month. A successful breach might lead to a minor price upswing, but a pullback seems inevitable for ETC considering the recent run-up.
Ethereum Classic's price has rallied roughly 48% between July 20 and August 7 but failed to slice through the price of $55.79 resistance level. The current attempt is the third try over the past month. Even if the price bulls are successful in breaching this ceiling, the upside seems to be limited to $62.05. Therefore, investors can expect a retracement after a rejection at a price of $62.05 or the resistance levels before it.
If such a move were to occur, ETC price might find support around the $51.48 support level and, in a highly bearish case, $46.52.
Although the upside for Ethereum Classic ETC price seems to be capped, a decisive 9-hour candlestick close above $62.05 will indicate that the price bulls are not done. A successful flip of this level into a support barrier will invalidate the bearish outlook.
Furthermore, this development could potentially attract sidelined investors to jump on the bandwagon, increasing the buying pressure. If such a thing were to occur, ETC market participants could expect the newfound bullish momentum to catapult ETC to $70.23, roughly 28% from the current position.
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