Ethereum Classic (ETC) Price Starts Fresh Rally, Why It Could Surge To $50

ETC is holding gains above the $30 support. The bulls may perhaps aim a strong move towards $50 if they are able to protect the $30 support zone.

Ethereum Classic (ETC) Price Eyes More Upsides

In the past few days, BNB price saw a decent increase from the $14 support zone against the US Dollar. The price was able to clear the $20 and $30 resistance levels.

There was a steady increase above the $35 resistance and the 50-day simple moving average (blue). Finally, the price moved above the $40 resistance level before the bears appeared. The bears took a stand near the $45 level.

Ethereum Classic daily price chart | Source: ETCUSD on TradingView.com

A high was formed near $45.75 and the price started a downside correction, similar to bitcoin and ethereum. There was a break below the $42 and $40 levels.

The price declined below the 23.6% Fib retracement level of the upward move from the $13.36 swing low to $45.75 high. The bears even pushed the price below the $35 support zone. However, the bulls remained active above the $30 zone and the 50-day simple moving average (blue).

There is also a key bullish trend line forming with support near $34 on the daily chart. Today, the price gained over 10% and climbed above the $35 resistance zone.

On the upside, the price is facing resistance near the $38 zone. The next major resistance could be near the $40 level. A clear move above the $40 level could set the pace for a larger increase. In the stated case, the price might test $45. Any more gains might send the price towards the $50 level.

If there is a fresh decline, the price might trade below the trend line and $34. The next major support is near the $32 zone. The main support sits near the $30 level. It is near the 50% Fib retracement level of the upward move from the $13.36 swing low to $45.75 high. Any more losses could open the doors for a move towards the $25 support zone.

Overall, ethereum classic price is trading above a major support at $30 and the 50-day simple moving average (blue). If ETC bulls remain in action, the price might rise towards $45 and then $50. Conversely, there could be a downside break below the $34 support level.