The price of Ethereum Classic has soared by 92 percent since its June 22 low, overcoming the stumbling block of the 2018 high at $47.00.
After yesterday’s 30 percent increase, ETC has set the 50-day simple moving average (SMA) at $63.15.
During the steep ascent, May’s dropping trend line proved to be a little stumbling block.
During its 92 percent rise, the Ethereum Classic price has broken through multiple technical hurdles, placing the digital currency in a better position to achieve higher prices in the medium future. In the immediate term, there may be some selling pressure on ETC, but it should be contained by the recovered resistance levels.
ETC is on track to end the quarter with a gain of nearly 300 percent based on its current price of $58.85. In comparison to other altcoins, the quarterly performance is outstanding. For example, Ethereum is up 12%, Ripple is up 20%, Cardano is up 12%, and Polygon is up 200 percent. With a 365 percent increase, Dogecoin stands out.
However, Bitcoin has lost 40% of its value in the last quarter, while Stellar has lost 30%, Litecoin has lost 30%, and VeChain has lost 2%.
The recent spike higher, as Ethereum Classic price overcame resistance from the May declining trend line, the 78.6 percent Fibonacci retracement level of the March-May advance at $43.30, the May 2018 high of $47.00, and the anchored VWAP from March 29 at $55.39, is critical to the phenomenal quarterly performance. The increase has put ETC in a head-to-head battle with the 50-day SMA at $63.15.
Because of the magnitude and short duration of the ETC surge, there will almost certainly be some profit-taking in the coming days. The resounding support supplied by the anchored VWAP at $55.39, a level that was a strong guide in mid-June before the rapid 35 percent drop, could limit the depth of the collapse.
The scenario of a minor ETC pullback might turn into a test of the 2018 high at $47.00, meaning a -16 percent fall from the current Ethereum Classic price, if selling in the cryptocurrency complex accelerates.
As a result, in the near term, Ethereum Classic is expected to see a slight retreat that will be limited between the anchored VWAP and the 2018 high.

Daily chart of ETC/USD
If the Ethereum Classic price falls below the 2018 high during the downturn, ETC will fall to the descending trend line at $42.30, which was established in May. It would be a setback for the bullish narrative, implying that the rally is more likely to be a one-off event than the start of a fresh, long-term uptrend for the altcoin.
A sweep of the June 22 bottom of $32.53 and a test of the 200-day SMA at $30.03 might be part of any negative momentum below the trend line./nRead More