Bullish Ethereum Classic price predictions have taken a bit of a hiatus following the stall in the upside move experienced in the last seven trading sessions. Ethereum Classic had been on a six-day bullish run that saw it gain nearly 80%. This move pushed the ETC/USDT pair off the 13.35 low of 13 July to the 28.19 high of 23 July.
The upcoming Ethereum Merge upgrade has been responsible for the recent demand for Ethereum and Ethereum Classic. Vitalik Buterin, the co-founder of Ethereum, has given Ethereum Classic the thumbs-up, saying it remains a “very fine” blockchain network for those who prefer to work with the proof-of-work consensus algorithms.
Bullish Ethereum Classic price predictions emanate from the perception of traders of ETC continuing to maintain the essence of the original Ethereum blockchain after the Ethereum fork migrates from the proof-of-work to the proof-of-stake consensus mechanisms.
Ethereum Merge is due to go live in September 2022. This could bring a new round of bullish Ethereum Classic price predictions to the market if the bullish outlook plays out as described below.
The upside move of the ETC/USDT pair appears to have stalled at the 28.51 resistance line. The ensuing pullback is now challenging the support at 25.10, formed by the 7 March/15 March lows and 31 May 2022 high.
A breakdown of this price mark opens the door toward the 20.89-21.23 support zone. The ceiling of this support is formed by the 24 May and 7 June lows, while the floor is formed by the 50% Fibonacci retracement level from the 13 July swing low to the 23 July swing high. Any further price dips will test the 19 May low at 19.39, or the 16.57 support formed by the 78.6% Fibonacci retracement level and 12 June 2022 low.
However, this outlook is negated if the price action bounces from the current support and takes out the 28.51 resistance. This opens the door for an extension of the recovery move targeting the 33.07 resistance (5 May 2022 high) and the 37.80 price barrier that houses the 11 February and 21 April 2022 highs.
This post was last modified on Jul 25, 2022, 16:46 BST 16:46