Bullish Surge Ahead? Key Levels ETC Must Hold to Skyrocket!
2024-10-27

ETC/USDT Analysis

ETC (Ethereum Classic) is in a down trend after making high in March and trading within a descending channel. The price is  consolidating between support zone Purple at $16.48 to $17.19 and resistance zone Blue at $20.90 to $21.56. 

Bullish Scenario

For a convincing breakout, ETC needs to surpass the resistance zone Blue at $20.90 to $21.56. If it manages to break and hold above this level, it could attract further buying interest.
In this bullish path, the next major resistance zone to watch is at $24.74 to $25.36 in Yellow. Breaking through this could set the stage for a move towards the resistance zone in Pink at $29.72 to $30.46 .
Look for strong bullish candles with increasing volume to confirm a breakout, minimizing the risk of a false move.

Bearish Scenario

If ETC fails to sustain above support zone Purple at $16.48 to $17.19 and shows signs of weakening, sellers may attempt to push the price lower.
A break below the Pink support zone could expose ETC to further downside risks, with the next significant support around $14.48.
A breakdown below $14.48 could accelerate the decline, potentially challenging even lower support levels and indicating a bearish trend continuation.

As long as ETC maintains support above $16.48 - $17.19, the bulls retain a chance to initiate a rally. However, a break below this zone could signal increasing bearish pressure, with significant downside potential if lower supports are tested.

Everything is marked on the chart