• A bearish fakeout pattern is forming on the ETC Point & Figure chart.
  • The vertical profit target method in Point & Figure shows limited price movement on the bear side versus the bull side.
  • ETC faces strong resistance at $63.

Ethereum Classic price has a strong setup for some significant bullish price action if it can crack above the near-term resistance at $60. Still, bulls need to be cautious about a drop toward the $43 level. 

Ethereum Classic  price could spike by roughly 34%

ETC price action is preparing  to create one of the most potent and bullish chart patterns in Point & Figure: the bearish fakeout. 

First, Ethereum Classic price moved two boxes below the double bottom at $56. Then, a three-box reversal column of Xs printed, and that is where ETC presently remains. Next, a double top will form if ETC price returns to $60. 

Finally, if ETC price moves one box above the double top to $62, then a breakout move toward the $79 value area is likely. 

ETC/USD $1.00/3-box reversal Point & Figure chart

Bears can easily take over and continue the sell-off that began on Tuesday if ETC price moves to $53. Slicing through this support level represents the break of a double bottom at $54. It would also be the third consecutive lower O-column. 

Utilizing the vertical profit target method in Point & Figure charting, the target zone on a break of the double bottom at $54 is the $43 value area. However, the $54 value includes significant support, which includes Senkou Span A, Senkou Span B, the 38.2% Fibonacci retracement and a high volume node in the volume profile. 


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.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Three reasons why DOGE price will not be back above $0.17 anytime soon

Three reasons why DOGE price will not be back above $0.17 anytime soon

Dogecoin price is at the cusp of saying goodbye to $0.10 as the price is set to drop another leg lower in the coming week after DOGE price consolidated below that same $0.10. With such a move, losses would sum up to 55% of depreciation.

More Dogecoin news

Cardano price could go either way next week, but downtrend still rules

Cardano price could go either way next week, but downtrend still rules

Cardano price closes the week with another loss on the books. ADA price looks set to instead chose more downside as investors are turning away from cryptocurrencies. Expect another drop with at least a retest at $0.415.

More Cardano news

Why another 60% drop in SHIB price is inevitable

Why another 60% drop in SHIB price is inevitable

Shiba Inu price is too far gone from the significant pivotal level of $0.00001708 to make a strong comeback for now. Expect to see price action consolidate around current levels, slightly above $0.00001000, before another round of tail risks will come back to bite price action.

More Shiba Inu news

A weekly close below $0.50 spells another correction ahead for XRP price

A weekly close below $0.50 spells another correction ahead for XRP price

Ripple (XRP) price came close to a full recovery after the positive shift in sentiment on Friday, but as long as price action remains below $0.50, there is still no evidence of a fundamental turnaround in sentiment. Expect to see further downward pressure as several bearish pressures are not easing.

More Ripple news

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis