Jonathan Morgan
Independent Analyst
- Ethereum Classic maintains a tight consolidation range, Ichimoku conditions turn bullish.
- Breakout level to initiate a new bull run is just ahead.
- Ethereum Classic is a fantastic long opportunity due to its severely lagging price action compared to its peers.
Ethereum Classic price action for the Thursday trade session has been the definition of a whipsaw. The daily candlestick open has dropped as much as 9.5% and spiked higher by as much as 10.5% - big swings in all directions. Despite the indecision and wild swings, Ethereum Classic is little changed – but that is about to change.
Ethereum Classic price is positioned for a decisive breakout, a close above $61 necessary to expand higher
Ethereum Classic price has one of the tightest consolidation ranges amongst its peers. However, while it is frustrating for traders, this behavior is beneficial for investors because it forms a robust future support area. And while that new support level has been developing, conditions within the Ichimoku system for a bullish breakout have also developed.
There is only one variable missing on the Ethereum Classic daily chart for an Ideal Bullish Ichimoku Breakout to occur. That missing variable is a close above the Cloud (Senkou Span B). If bulls can rally Ethereum Classic to a close at or above $62, then a new expansion phase of higher prices will likely occur. A return to the $100 value area is highly likely in the event of a close at $62.
ETC/USDT Daily Ichimoku Chart
However, bulls are not in total control yet. It would not take much for sellers to come in and not only push Ethereum Classic lower but push it to a level where any bullish bias is invalidated. There is a cluster of prior lows in the $44 value area between September 21st and September 30th. Any close below $44 could trigger a new bear market.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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?