Ethereum Classic Revival Anchored on Mining, ETC Bulls Set Sight on $75

The Ethereum Classic project represents allegiance and an unwavering inclination to always abide by what rules state.

For Ethereum Classic, the code is law, which has been their position even after the damaging Ethereum heist of 2015.

Despite their hard-lining position, viewed positively and negatively, the protocol continues to flourish to what it is at the time of writing.

Ethereum Classic Market Performance and Price Status

Lodged at 28th, ETC, the protocol’s native currency is one of the most liquid coins around available for trading in among many exchanges, Coinbase.

Besides, the upswing of Ethereum also saw Ethereum Classic valuation rise in tandem. If anything, the correlation between ETH and ETC is positive.

Based on this, a savvy trader can exploit this relationship to draw maximum benefits.

From the ETC technical analysis in the daily chart, the path of least resistance is southwards.

Despite recent gains, ETC bulls are on shaky grounds and may retreat in the days ahead if immediate resistance levels aren’t broken.

Notably, ETC is trading within a bear breakout pattern, closing below the middle BB—dynamic resistance previous support—and the primary multi-month support trend line.

As we progress, how ETC prices react at $55-$60 and the middle BB resistance line would determine the short to medium-term trajectory.

If Ethereum Classic buyers emerge on top, the coin may rise to $70.

On the reverse side, retracement and confirmation of the three-bar bearish reversal pattern could see ETC dip to $30–or worse– in continuation of September 2021 bears.

Ethereum Classic Bulls Targeting $75?

Even in the face of sellers, ETC bulls are confident of what lies ahead as per ETC technical analysis in the daily chart.

Although there is a slump–traced back to the Asian and European sessions– buyers have the upper hand.

One trader on Trading View observes that ETC is within a bullish breakout pattern, clearing above $50.

Considering the uptick in trading volumes and the resurgence of crypto prices, the resulting tide could lift ETC towards $75 in the short term. This will be in mirroring the price action of the better part of H1 2021.

On the flip side, it could be doom and chaos of ETC bulls if prices dump below $40—a multi-week support level.

Is ETC Preparing for a Dip to $30?

While optimism abides, another trader is not convinced of what lies ahead for ETC. Instead, the analyst thinks the coin may post deeper losses in weeks ahead.

Notably, the trader says ETC is trading within a bear breakout pattern versus the USD as per price action in the daily chart.

Currently, the expansion of prices in the early days of October is part of the retest of the primary resistance—previous support.

Accordingly, the analyst explains that ETC prices are likely to fall towards $30. This will be in a bear continuation pattern mirroring the price action of September 2021.

In that case, the immediate bear target lies at $30—a reaction level flashing with June and July 2021 lows.

Mining is the Name of the Game for Ethereum Classic, a 20X on the Cards?

Meanwhile, another trader is citing fundamental factors as the primary driver of ETC in the months ahead.

As a result, from his analysis, mining will underpin ETC rally that will take the coin to over $1k.

In less than 15 months, Ethereum will deactivate Proof-of-Work for a staking consensus algorithm. Subsequently, this move would likely pump ETC to new highs.

Charts courtesy of Trading View

Disclosure: Opinion is that of the author. Do your own research.