Ethereum Classic’s [ETC] consolidation extends- A bullish breakout likely

EthereumClassic’s [ETC] consolidation extends- A bullish breakout likely

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionThe funding rate and the weighted sentiment were negative at the time of writing.

At press time, the price action was heading to the triangle’s apex and could inflict a breakout. Typically, symmetrical triangle formations are trend continuation patterns, so a bullish breakout is highly likely because ETC was on a recovery path. Alternatively, bears could gain leverage if ETC closes below the channel’s lower boundary. The bearish breakout could exert sell pressure, setting ETC to slide to $16. However, the low liquidity zone of $18 could also reduce the drop and is worth watching out for.

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