ETC price action shows a pullback phase to retest the broken trendline.
With a drop to $15.50, ETC price might soon test the $14.75 support level.
A break below $14.75 would drop the Ethereum Classic price to $13.50.
With continued support at the key level of $14.75, the ETC token price formed a descending triangle pattern. In the recent negative cycle within this triangle, the ETC price recovered from the $20 mark to $14.75, falling 30% between July and September 2023. (Enter the group public account: Pepe Soha)
Despite the overall correction, the continued support at $14.75 keeps hopes of a bullish reversal in the Ethereum Classic price prediction.
However, a recent bullish reversal in late September broke above the resistance trendline and the 50-day SMA signaled a reversal. However, despite continued gains in October, buyers failed to sustain the bullish momentum, resulting in a retest of the broken trendline.
Moreover, the recent downtrend in ETC price has offset a double bottom reversal at the $14.75 support level. This has turned Ethereum Classic into a sideways consolidation range between $14.75 and $17.
Currently, the ETC coin price is trading at $15.49, with an intraday gain of 0.32%. Moreover, the most recent candle tested the trendline but was rejected below, which highlights the possibility of a reversal after a retest.
Technical indicators:
EMA: 50-day and 200-day exponential moving averages remain in a downtrend, proving that a downtrend is in progress.
DMI: The DMI indicator is showing a negative slope on the ADX line, indicating a lack of trend momentum. Moreover, there is a bearish crossover of the DI line during the ETC price retest phase.
Will ETC price break through $16?
Considering that buyers manage to sustain the supply at $14.75, ETC price will see a bullish reversal. A refreshed bullish bounce will continue the sideways trend with overhead resistance at $17. After ETC price breaks out of $17, the 200 EMA touches the $20 mark.
On the other hand, if the buyers fail to maintain their dominance in the $14.75 range, the price will continue to target the $12.65 mark.