Ethereum classic is looking for more gains
Ethereum Classic with ticker ETC/USD is moving nicely as expected since last update, when we mentioned and highlighted about a three-wave A-B-C pullback in (B)/(2) after we noticed a five-wave impulse into wave (A)/(1).
As you can see, three-wave A-B-C corrective setback can be now coming to an end with ideal support here around 17 area, so watch out for a bullish continuation into wave (C) or (3) soon.
ETC/USD 4H Chart From July 25 2023
One of the main reasons why ETC/USD can go higher is Ethereum Classic GrayScale Investment Trust (ETCG), which remains nicely bullish after we spotted a completed (A)-(B)-(C) flat correction in B/2. We are currently tracking either wave C or 3, which should be completed by a five-wave cycle of the lower degree and it can push the price at least back to the former wave 4 swing high and 16 area for wave C or maybe even higher for wave 3, if 16 level will be broken decisively.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
