Ethereum Classic price is experiencing exhaustion of the bullish momentum as it approaches a crucial resistance level. A retracement seems likely considering the general structure of the big crypto, which is expected to drag altcoins, including ETC, with it.
Ethereum Classic price showed an inability to conquer the $70.23 resistance level after sliding below it on August 17. This development indicates ETC buyers are exhausted, and a retracement seems likely.
The support barrier at $62.05 is the immediate foothold that could absorb the selling pressure. The down move could also attract sidelined investors, with $62.05 serving as a stable ground for a lift-off that restarts a new uptrend.
The resulting rally will likely shatter the recent swing high at $77.33 and tag $83.48, roughly 35% from the $62.05 support barrier.
On the other hand, a breakdown of the $62.05 demand zone will indicate that the buyers are disinterested and that the downswing will likely continue lower.
If the sell-off breaches the $58.86 support floor, it will create a lower low, invalidating the bullish thesis. Such a move might send ETC down to $55.79 and, in a highly bearish case, $51.48.
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