ETC’s price has been on a downward spiral lately, losing about a quarter of its value in the past few months. This is just part of a larger trend, as the daily Ethereum price chart shows a steady decline.
This primary downtrend has given birth to a formidable resistance trend line, which, during the ongoing correction, has further solidified and produced a secondary resistance trendline.
Diving deeper into the bottom supports, Ethereum Classic showcases persistent resilience at the $14.75 level. Notably, this support has proven to be a fortress, aiding Ethereum Classic to rebound almost five times.
The ETC price action here evokes a potential double-bottom reversal, gearing up to challenge the secondary resistance trend line, coincidentally with the 50-day exponential moving average.
At the moment, Ethereum Classic is navigating at $15.53, registering a marginal intraday dip of 0.26%. However, the sudden rise in Bitcoin price last night has increased optimism for altcoins, hinting at a possible reversal.
Supporting this bullish narrative, the RSI indicator unveils a noteworthy bullish divergence accompanying the double-bottom formation. Moreover, the MACD indicator echoes this bullish divergence, cementing a positive relationship between the MACD and its signal line.
If the ETC price breaks past this short-term resistance trend line, a bullish surge is on the cards. It might knock on the doors of the primary resistance trendline near the $19 mark, a rise of 22%.
Conversely, if things go south, the Ethereum Classic may plunge below the $14.75 threshold. In such a case, we might witness a more profound bearish descent, potentially gravitating toward $12.65.