ETC Price Rounding Reversal Eyes A Breakout Run To $30

With the news of an Ethereum ETF making waves in the market, the Ethereum Classic, a close cousin to Ethereum, bounces back in action. The anticipations rise up with the Standard Chartered Bank hoping for Ethereum ETF approval in May, driving the ETH price higher. 

Moreover, the bullish turnaround creates a price action that may soon act as a bounce pad for the upcoming rally. Under such recovery conditions, will the Ethereum classic price reach the $1000 mark in the next bull run?

To find answers to such intriguing curiosities, read our complete ETC price prediction NOW!

Will ETC Price Exceed The Escape Velocity To Cross $30?

Following a remarkable 53% jump from the critical support trendline, the ETC price takes a pullback to the 50D EMA. Accounting for a 22% drop, the altcoin retests the 50D EMA, leading to multiple lower price rejection candles. 

Source – Tradingview

With the recent bounce back of 8% over the past two days, the bullish engulfing candles project a rise in momentum. Further, the 82% hike in trading volume supports the recovery trend, increasing the bull run chances. 

Technical indicators:

MACD Indicator: With a significant reversal in price trend, the MACD and signal line give a bullish crossover. This signifies a high possibility of a continuation of the bullish trend. 

Will Ethereum Classic Give A Bullish Break?

Following the impressive reversal over the past two days, the ETC price is ready for a rounding bottom breakout. With the neckline of the trend reversal pattern at $26, the buyers are anticipating a breakout entry opportunity shortly.  

If the buyers manage to lift the uptrend, the ETC price may break past $26, then the uptrend could reach $30. Optimistically, a prolonged uptrend can reach the $50 mark if the market sentiments continue to improve. Moreover, catalysts like Ethereum ETF news and the Bitcoin Halving can fuel the bullish trend. 

However, if ETC fails to maintain its momentum, it may break under the $24 level to test the $20 mark.

SOURCE

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