- Ethereum Classic price is consolidating in a tight range, anticipating a massive breakout.
- A breach below the 50% Fibonacci retracement level at $61.68 will signal the start of a downtrend.
- If ETC produces a decisive 4-hour candlestick close above $72.17, a bullish outlook might evolve.
Ethereum Classic price began consolidating on May 28 and has slid into a tight range ever since. Investors can expect an explosive move soon where ETC bursts below a critical support level.
Ethereum Classic price eyes a lower low
Ethereum Classic price rallied 109% between May 23 and May 26, creating a trading range that is still in play. Since this boundary was formed, ETC has not concretely broken below the 50% Fibonacci retracement level at $61.68.
From May 28, Ethereum Classic price has been on a steady decline that is trading in a tight range, extremely close to $61.68. Therefore, investors can expect an outburst of volatility in the next move.
The presence of the 50 four-hour and the 100 four-hour Simple Moving Averages (SMA) at $66.54 reveals that ETC might head lower. A rejection at this level might push Ethereum Classic price down 17% to tag the demand zone extending from $48.78 to $54.12.
Market participants can expect ETC to find support around the 70.5% Fibonacci retracement level at $52.71.
A breakdown of $48.78 might result in a sharp decline to the support level at $45 or the range low at $39.79.
ETC/USDT 4-hour chart
On the other hand, if Ethereum Classic price manages to set up a higher high above $72.17, it would invalidate the bearish outlook and signal the resurgence of buyers.
If this were to happen, investors could expect ETC to rally 15% to the range high at $83.57 or sweep this swing high to tag the resistance level at $86.48.
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin 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?
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?