Ethereum Classic price is likely to reach $60 as price signals an extended impulse under way.
|
- Ethereum Classic price has printed two impulse waves this week
- Ethereum Classic broke through and retested a major demand zone
- A break below $36 will invalidate the bullish thesis
Ethereum Classic price is looking like the outperformer amongst all cryptocurrencies this week, as the O.G. token has rallied 80% since Monday. Despite hopes for a pullback, ETC price shows evidence of more gains to come.
Ethereum Classic price is a HODL
Ethereum classic price printed its first impulse wave beginning of the week into the high at $40.00, The 60% rally was then followed by a pullback into the 4th wave within a significant demand zone between $36 and $42. After the pullback, ETC price continued trucking forward with large bullish engulfing candlesticks and increased volume on the 6-hour chart. S Second impulsive wave occurred into the March 23rd high at $48.
It is common amongst Elliott Wave practitioners to consider an extending wave pattern whenever two visible impulses occur for an asset. An extended wave could propel Ethereum classic price into the $60 zone, an additional 30% rally from the current price.
ETC/USDT 6-Hour Chart
Traders should consider using an invalidation level while approaching highly volatile cryptocurrencies. Ethereum Classic should not fall below the broken demand zone at $37. The Ethereum Classic price could continue falling towards $32 and $29, up to 37% below the current price if this were to happen.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.