Ethereum Classic [ETC] nears key roadblock — Is a reversal likely?

Ethereum Classic [ETC] inched closer a crucial roadblock in September and could see a reversal if sellers exploit it.

was also facing a roadblock at the $27k mid-range. If BTC surges above the mid-range, ETC could clear this roadblock.The resistance zone and previously invalidated H12 bullish order block exists at $15.58 – $16.0 . The area has been a key hurdle in the first half of September and always led to a price rejection to $15.20 or $14.50.

If the trend repeats, ETC could head lower, presenting a shorting opportunity with a possible entry at $15.50 and take-profit at $15.20. Such a move could present short sellers with a 2% gain. However, a close above $15.70 and a move beyond the roadblock at $16.0 will invalidate the short idea. Such an upswing will flip the H12 market structure to a bullish bias and tip bulls to target the $17 level after clearing the next hurdle at $16.11.

Meanwhile, the Relative Strength Index crossed the median mark at press time but could see a reversal if sellers exploited the above roadblock. On the other hand, the Chaikin Money Flow headed southwards towards the zero mark, indicating capital inflows eased in the past few days.According to Coinalyze, the ETC recorded fluctuating funding rates in the past few days, underscoring wavering sentiment. The Open Interest rates also wavered in the past two days, indicating demand fluctuated too.

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