Ethereum Classic developers have announced a major upgrade scheduled for July, which is aimed at helping users cut down on the gas fees.
This so-called Magneto upgrade will be done via a hard fork in late July, and this will include specific features available in the Berlin upgrade of Ethereum.
This upgrade follows the declaration of buying interest in part of the Ethereum Classic portfolio held by Greyscale’s ETC Trust, with $50million worth of ETC expected to change hands. This purchase set off demand on the token, leading to a bullish Ethereum Classic price prediction as the token bounced off the $40 support and gained 50% in the days following this announcement.
With price now challenging resistance at $61, what is the current Ethereum Classic price prediction?
Technical Levels to Watch
The ETC/USD pair has hit resistance at the 61.03 psychological price level, where the 29 May low/4 June high are located. Those with a bullish Ethereum Classic price prediction or outlook will need to see the price break above this area for their viewpoint to come to pass.
A breakout opens the door for bulls to rush towards 69.72 (61.8% Fibonacci retracement level and 4 June high), while the 80.214 resistance mark formed by the low of 13 May/high 27 May remains in the picture as an additional target.
The other side of the coin sees Ethereum Classic fall towards 49.36 (lows of 25 May and 8 June) if there is rejection at 61.03, followed by a pullback. The formation of a pinbar candle at the current resistance on the daily chart could support this, but a bearish outside day candle needs to follow to support a bearish Ethereum Classic price prediction.