Ethereum Classic Price Lags Bitcoin and XRP Despite Upcoming Rally

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Ethereum Classic maintains tight consolidation range, Ichimoku conditions turn bullish. The breaking level to initiate a new bull run is just coming. Ethereum Classic is a fantastic long opportunity due to its price action lagging far behind its peers.

Ethereum Classic price action for Thursday’s trading session was the definition of a false signal. The daily open candlestick fell 9.5% and climbed to 10.5% – big swings in all directions. Despite the indecision and wild swings, Ethereum Classic has changed little – but that is about to change.

Ethereum Classic price positioned for decisive breakout, close above $ 61 needed to develop higher

Ethereum Classic’s price has one of the tightest consolidation ranges among its peers. However, while frustrating for traders, this behavior is beneficial for investors as it provides a solid area of ​​future support. And as this new level of support has developed, the conditions within the Ichimoku system for a bullish breakout have also developed.

Only one variable is missing on the Ethereum Classic daily chart for an ideal bullish Ichimoku breakout to occur. This missing variable is a fence above the cloud (Senkou Span B). If the bulls can rally Ethereum Classic at a close of $ 62 or above, a new phase of higher price expansion is likely to occur. A return to the $ 100 value area is very likely if it closes at $ 62.

ETC / USDT Daily Ichimoku Chart

However, the bulls are not yet in full control. It wouldn’t take much for sellers to step in and not only push Ethereum Classic down, but push it to a level where any bullish bias is invalidated. There is a cluster of previous lows in the $ 44 value area between September 21 and September 30. Any close below $ 44 could trigger a new bear market.

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