Ethereum Classic at $24 Resistance – Breakout Could Trigger 30% Price Increase
What's Behind the ETC Price Increase? | Credit: Hameem Sarwar
Key Takeaways
- Ethereum Classic (ETC) trades inside a symmetrical triangle.
- The price broke out from a descending resistance trend line.
- What’s the direction of the long-term trend for Ethereum Classic?
The Ethereum Classic (ETC) price has increased since Aug. 5, accelerating its upward movement in November. After reaching a high of $24.60, ETC is up 10% year-to-date.
However, ETC failed to break out above the $24 horizontal resistance area, which is critical for determining the long-term trend’s direction. Let’s analyze the ETC price movement and see if a breakout is likely soon.
ETC Price Bounces at Support
The weekly time frame ETC chart shows that the price has traded inside a long-term symmetrical triangle since June 2022. The triangle support and resistance trend lines have been validated numerous times, most recently in August 2025.
After the bounce, ETC created a long lower wick (white icon), triggering the ongoing upward movement. If the increase continues, the triangle’s resistance trend line will be $32.
Technical indicators support the upward movement. The Relative Strength Index (RSI) has generated a bullish divergence (green) and moved above 50.
The Moving Average Convergence/Divergence (MCAD) has also generated a bullish divergence and made a bullish cross (black circle). Even though the MACD is not above 0, all signs point to a bullish trend.
Can ETC Break Out?
The daily time frame ETC chart shows that the price has increased since Nov. 4, breaking out from a descending resistance trend line. After the breakout, ETC reached the $24 horizontal resistance area.
This is a critical level since it has acted as resistance since June. A breakout above it could trigger a nearly 30% increase to the 0.618 Fibonacci retracement resistance at $30.50. This is close to the long-term triangle’s resistance trend line at $32.
While there is no bearish divergence, both the RSI and MACD are overbought. So, a short-term decline could occur before ETC resumes its ascent.
The six-hour chart aligns with this possibility, showing a completed five-wave increase since the lows. Additionally, the RSI and MACD have generated bearish divergences (green), indicating an impending downward movement.
If the count is accurate, the ETC price might have started an A-B-C correction that takes it to the 0.5 Fibonacci retracement support level at $21. Then, the long-term upward movement could resume.
Drop Before Continuation
Ethereum Classic’s breakout from a descending resistance trend line is a positive sign, but the failure to move above $24 could mean a short-term correction awaits.
The six-hour time frame readings support this scenario, predicting a decline to $21 before the upward movement eventually resumes.
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