- Ethereum Classic price is trading below a supply zone, ranging from $69.08 to $73.28.
- A decisive close above $73.28 will signal the start of a new upswing that could propel ETC by 30%.
- If the bears slice through the recent swing low at $61.86, the bullish thesis will face invalidation.
Ethereum Classic price is moving in a tight range after facing multiple rejections around a crucial supply zone. Now, ETC could be gearing up for a volatile breakout as suggested by a particular technical indicator.
Ethereum Classic price has been chiefly consolidating since May 25. While the first half of these rangebound moves were above the supply zone, extending from $69.08 to $73.28, the other half was below it. This shift indicated the inability of the buyers to sustain the bullish momentum.
The Bollinger Bands indicator showed a tight envelope of the ETC price action indicating a reduction in volatility. Typically, a squeeze like the one Ethereum Classic is experiencing is often followed by a highly volatile move.
For ETC price, a decisive close above the upper band at $70.77 signals the start of an uptrend. A confirmation of the upswing will arrive after the Ethereum Classic price slices through $73.28.
In that case, the buying pressure could propel the altcoin by 30% to tag a stiff resistance level at $91.13.
ETC/USDT 4-hour chart
On the other hand, if the bears push Ethereum Classic price below the lower band at $64.28, it would signal that the bullish momentum is weakening. However, a convincing 4-hour candlestick close below $61.86 would invalidate the bullish outlook.
If such a move were to happen, investors could expect ETC to kick-start an 11% downswing to $54.34
