- The breakout from a descending price channel by ETC suggests the close of an extended consolidation phase.
- The breakout indicates that the correction for Ethereum Classic might be behind us, which may lead to a trend reversal.
- Analysts predict a possible surge for ETC, with price goals approximately $30, nearly double its existing value.
Ethereum Classic (ETC) has just escaped from a long consolidation period, suggesting that a favorable bullish movement might be around the corner. Having been confined for months within a falling price channel, ETC looks like it is hinting at the closure of its correction, indicating that it may be ready for a major uptrend in the next few days.
For a large fraction of the year, ETC has operated within a clear downtrend, as illustrated by the plunging price channel that developed since early 2024. Throughout this phase of consolidation, prices have slowly fallen, irritating traders who are waiting for a breakout. Still, recent price fluctuations reveal that ETC has finally escaped from this limiting channel, which represents a powerful technical indication of a possible new phase for the cryptocurrency.
Potential Bullish Wave and End of the Correction
This recent breakout is important for stopping the downward trend and also implies that Ethereum Classic’s corrective phase in price action may now be complete. Following its significant fall, ETC seemed to have identified a support level that permitted it to stabilize and gather speed.
The correction looks like it has wrapped up, hinting that the asset might now be ready for a reversal in trend. Should this unfold, there could be a bullish potential for the cryptocurrency in the days to come.As ETC has escaped its downtrend and the correction might be over, market analysts are beginning to consider what the next phase of price action might involve.
Based on the present arrangement, a positive trend looks imminent, indicating that ETC may double in value over the near term. The chart recommends that ETC may be headed for price targets close to $30, an important boost from its present levels of around $18.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
