ETC eyes 17% decline as crypto market weakens

  • Ethereum Classic worth is consolidating in a decent vary, anticipating an enormous breakout.
  • A breach beneath the 50% Fibonacci retracement stage at $61.68 will sign the beginning of a downtrend.
  • If ETC produces a decisive 4-hour candlestick shut above $72.17, a bullish outlook would possibly evolve.

Ethereum Classic worth started consolidating on May 28 and has slid into a decent vary ever since. Investors can anticipate an explosive transfer quickly the place ETC bursts beneath a vital help stage.

Ethereum Classic worth eyes a decrease low

Ethereum Classic worth rallied 109% between May 23 and May 26, making a buying and selling vary that’s nonetheless in play. Since this boundary was shaped, ETC has not concretely damaged beneath the 50% Fibonacci retracement stage at $61.68.

From May 28, Ethereum Classic worth has been on a gradual decline that’s buying and selling in a decent vary, extraordinarily near $61.68. Therefore, buyers can anticipate an outburst of volatility within the subsequent transfer. 

The presence of the 50 four-hour and the 100 four-hour Simple Moving Averages (SMA) at $66.54 reveals that ETC would possibly head decrease. A rejection at this stage would possibly push Ethereum Classic worth down 17% to tag the demand zone extending from $48.78 to $54.12.

Market members can anticipate ETC to seek out help across the 70.5% Fibonacci retracement stage at $52.71.

A breakdown of $48.78 would possibly lead to a pointy decline to the help stage at $45 or the vary low at $39.79.

ETC/USDT 4-hour chart

On the opposite hand, if Ethereum Classic worth manages to arrange a better excessive above $72.17, it will invalidate the bearish outlook and sign the resurgence of consumers.

If this have been to occur, buyers may anticipate ETC to rally 15% to the vary excessive at $83.57 or sweep this swing excessive to tag the resistance stage at $86.48.

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About the Author: Daniel