Ethereum Classic Price Analysis: ETC/USD moves into a consolidation pattern
- Ethereum is 165% higher on the year and it has now moved into a consolidation zone.
- On the 4-hour chart there is a pattern break retest which indicates the price could move lower.
ETC/USD 4-hour chart
Ethereum Classic is trading 3.37% lower on Thursday.
The price has now moved into a pretty big consolidation zone between 11.000 and 13.170.
A break of the 11.000 level could indicate more bearishness on the horizon.
The volume on the chart is moving lower. This suggests that the move lower could be a short term move.
If the support level breaks then the next level on the way down would be 9.5000.
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Additional Levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
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