The price of Ethereum Classic is currently bouncing off a key support level of $43.46.
If the current rally continues, the $59 barrier level may be retested.
The bullish argument will be invalidated if the range low at $39.68 is broken.
Between July 12 and July 15, the price of Ethereum Classic dropped sharply, marking a critical demand barrier. ETC was able to maintain its position above this footing, indicating the establishment of a possible bottom.
If this is correct, the upswing that started here might lead to a 35 percent increase.
In less than 48 hours, the price of Ethereum Classic fell 16 percent to $42.47, where it found support. Despite the fact that ETC momentarily fell below it, purchasers appear to have spurred a fast comeback.
Given the bullish scenario witnessed on BTC, altcoins are likely to follow suit. The price of ETC is expected to rise in the future.
After a 16 percent rally, the bulls will face resistance at $50.76, which will be the first hurdle they will face. If buyers can break through, Ethereum Classic price might rise by 12% to $56.86 and, in some circumstances, $59.
The rise from $43.47 to $59 appears reasonable and represents a 35 percent gain. Investors should keep in mind that in a very optimistic scenario, the upswing might hit the 50% Fibonacci retracement line at $61.58.
6-hour chart of ETC/USDT
While the bullish case is compelling, market participants should be aware that the uptrend could be jeopardized if Bitcoin price takes a 180-degree turn.
If the price of Ethereum Classic falls below the swing low of $41.09, it will show buyer weakness and pave the way for additional declines. The optimistic scenario mentioned above will be invalidated if the range bottom at $39.68 is broken.
In this scenario, ETC could fall 5% to the $37.53 support level./n
