- 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
Bitcoin holds $84,000 despite Fed’s hawkish remarks and spot ETFs outflows
Bitcoin is stabilizing around $84,000 at the time of writing on Thursday after facing multiple rejections around the 200-day EMA at $85,000 since Saturday. Despite risk-off sentiment due to the hawkish remarks by the US Fed on Wednesday, BTC remains relatively stable.
Crypto market cap fell more than 18% in Q1, wiping out $633.5 billion after Trump’s inauguration top
CoinGecko’s Q1 Crypto Industry Report highlights that the total crypto market capitalization fell by 18.6% in the first quarter, wiping out $633.5 billion after topping on January 18, just a couple of days ahead of US President Donald Trump’s inauguration.
Top meme coin gainers FARTCOIN, AIDOGE, and MEW as Trump coins litmus test US SEC ethics
Cryptocurrencies have been moving in lockstep since Monday, largely reflecting sentiment across global markets as United States (US) President Donald Trump's tariffs and trade wars take on new shapes and forms each passing day.
XRP buoyant above $2 as court grants Ripple breathing space in SEC lawsuit
A US appellate court temporarily paused the SEC-Ripple case for 60 days, holding the appeal in abeyance. The SEC is expected to file a status report by June 15, signaling a potential end to the four-year legal battle.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.