fxs_header_sponsor_anchor

Ethereum Classic Price Prediction: Is this the pullback we’ve been waiting for? pt.2

  • Ethereum classic shows bearish uptick on the Voliume Profile Indicator hinting at a potential pullback.
  • ETC price points to one more impulse wave targeting a conservative $44. Extended targets lie in the 47 and $50 zone.
  • Invalidaiton of the uptrend is a brech below $27,

Ethereum classic price points to higher targets. Still, defining an entry point as the weekend arrives will be exceptionally challenging.

Ethereum Classic price is challenging

Ethereum classic price shows reasons to believe in one more impulse wave up. Traders should be wary as they could be attempting to catch the last profitable opportunity as the technicals suggest the need for a final wave 5.

Ethereum Classic currently auctions at $36.85 as the Ethereum alternative token finds resistance at the 8-Day moving average. A potential to fall into $29 is highly probable as the volume profile indicator suggests an uptick in bearish volume on intra-hour time frames. A breach of the $30 barrier could be viewed as a potential knife catch scenario with bullish targets between $43 and $50. A 21-day moving average also lies in the safe vicinity of the potential $30 low.

ETC/USDT 2-Hour Chart

Invalidation of the bullish outlook would be a breach of $27. If the bears breach the invalidation point, they may be able to descend the price to $21, resulting in a 37% decrease from the current Ethereum Classic price. 

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.