ETC On Vital Trendline Retracement !Ethereum Classic (ETC/USDT) is showing promising signs of bullish momentum following its breakout from a descending triangle formation. The price is currently consolidating above the trendline, indicating that the breakout level is holding as a strong support. This consolidation phase often precedes the next leg of a price movement, as the market builds strength for a potential continuation.
At the current price of $27, Ethereum Classic appears to be in a retesting phase. This is a critical moment where the price tests the breakout level to confirm it as support. Successfully holding this level would reinforce the validity of the breakout and provide confidence for further upward movement.
A significant factor to watch here is volume. A notable spike in trading volume would signal strong buying pressure, which could drive the price higher. If this occurs, the next resistance to overcome lies around $31, and surpassing that could lead ETC toward the $35 to $40 range, based on historical price action and the measured move from the triangle breakout.
If the price fails to maintain support above the $25.50-$27 range, it could lead to a deeper pullback, invalidating the bullish scenario. This makes the current consolidation phase a crucial moment for traders to watch.
Ethereum Classic is positioned for a potential upward move, provided it holds above the trendline and volume supports the breakout. Patience and vigilance are key as the market awaits a decisive push.
