- ETC price is stuck in a tight range between two key Fibo levels on the 12H chart.
- Overbought conditions warrant caution but the coin defends key support so far.
- Ethereum classic awaits fresh impetus for the next direction.
ETC/USD is lacking a clear directional bias so far this Saturday, licking its wounds after extending the corrective decline from lifetime highs of $184.81.
With retail investors looking for undervalued investment alternatives after the meteoritic rise in Bitcoin, Dogecoin, Ethereum among other cryptocurrencies, Ethereum Classic rose nearly 50% on Thursday, reaching the highest level on record.
The bulls took a breather thereafter, as the ETC price retraced nearly half the rally to record highs.
ETC/USD: Where are the prices headed next?
As observed on Ethereum Classic’s 12-hour chart, the price has managed to defend key support near the $111 mark, which is the 50% Fibonacci Retracement level of nearly 300% rally seen so far this month.
Despite Friday’s sharp sell-off, ETC bulls recaptured the latter to settle the day at $119.91. At the time of writing, the coin is up nearly 1%, trading around $121 levels.
The price has formed a doji candlestick on the said time frame, suggesting that the bulls and bears appear to be fighting for control.
The 61.8% Fibonacci level of the same upsurge at $127.20 is limiting any upside attempt in the spot.
ETC/USD: 12-hour chart
Amid the range play, traders are awaiting a strong catalyst for the next direction in prices.
However, with the relative strength index (RSI) hovering within the overbought territory, the ETC bulls remain cautious.
The corrective downside could regain traction only a 12-hour candlestick closing below the 50% Fibo level, which is likely to expose the $100 psychological level.
The next downside target is envisioned around the $94-84 region, which is the confluence of Thursday’s low and 38.2% Fibo level.
Alternatively, acceptance above the 61.8% Fibo level could reinforce the bullish momentum, with eyes once again on the $150 barrier. At that level, the 78.6% Fibo level coincides.
A sustained break above the latter could put the all-time highs at risk.
ETC/USD: Additional levels to watch
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.