Ethereum Classic (ETC) symmetry’s upper trendline has been overturned, potentially igniting an 85% rise in upcoming days. A daily close above the 200-day moving average would help ensure a sustained increase all the way to the Fibonacci 50% mark of $103.6 USD.
Ethereum Classic’s symmetrical triangle has been growing for nearly 5 months, following an incredible start to 2021 and a 1,550 percent percentage increase between late March and early May. Based on the pattern’s largest and lowest peaks, ETC predicted a climb of 85% from the breakout point. The next step was to bullishly overturn the 200-SMA to begin the advance once ETC had two green candles above the higher trendline.
At the reporting time, Ethereum Classic (ETH) is presently trading at a price around $56.30 USD, which is -1.13% down for the day.
Ethereum Classic Price Chart – Souce: CoinMarketCap
After successfully maneuvering through some selling pressure around $64.08 USD, ETC would go on to the 50 percent Fibonacci mark at $103.6 if it closes above this long-term moving average line decisively.
To produce a collapse, bears would have to close below the low of $43.1 USD on 27th October. In this situation, ETC would be exposed to a massive sell-off towards late-April prices near $25 USD. However, if the general market remains risk-on, this is unlikely.
A bullish RSI that traded over 65 supported ETC’s upward potential. In the short term, ETC might potentially extend gains beyond the 23.6% Fibonacci level until a slight drop is triggered by an overbought RSI. Following a bullish crossover between the Directional Movement Index flashed a buy signal.
The Squeeze Momentum Indicator, on the other hand, remained neutral-biased and had failed to provide a clear direction. When the market undergoes a “squeeze release” and volatility rises, expect this to change.
Following a symmetrical triangle breakout, ETC aimed for an 85% pump soon. The RSI and DMI both supported a bullish forecast. After pushing through sell pressure around $78 USD, ETC might make progress towards its objective at the 50% Fibonacci level.