Ethereum Classic price is likely to reach $60 as price signals an extended impulse under way.
- Ethereum Classic price has printed two impulse waves this week
- Ethereum Classic broke through and retested a major demand zone
- A break below $36 will invalidate the bullish thesis
Ethereum Classic price is looking like the outperformer amongst all cryptocurrencies this week, as the O.G. token has rallied 80% since Monday. Despite hopes for a pullback, ETC price shows evidence of more gains to come.
Ethereum Classic price is a HODL
Ethereum classic price printed its first impulse wave beginning of the week into the high at $40.00, The 60% rally was then followed by a pullback into the 4th wave within a significant demand zone between $36 and $42. After the pullback, ETC price continued trucking forward with large bullish engulfing candlesticks and increased volume on the 6-hour chart. S Second impulsive wave occurred into the March 23rd high at $48.
It is common amongst Elliott Wave practitioners to consider an extending wave pattern whenever two visible impulses occur for an asset. An extended wave could propel Ethereum classic price into the $60 zone, an additional 30% rally from the current price.
ETC/USDT 6-Hour Chart
Traders should consider using an invalidation level while approaching highly volatile cryptocurrencies. Ethereum Classic should not fall below the broken demand zone at $37. The Ethereum Classic price could continue falling towards $32 and $29, up to 37% below the current price if this were to happen.
Author
FXStreet Team
FXStreet
