- 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
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?