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Ethereum Classic setup for major crash, ETC bulls led to slaughter

  • Ethereum Classic price drop could hit $34.
  • Triple-bottom breakout is the trigger for a monster drop.
  • Very few bullish conditions ahead.

Ethereum Classic price has made little progress over the past week. It has traded higher and back into the Cloud on the daily Ichimoku chart, but it remains lower and faces significant resistance ahead. 

Ethereum Classic price faces -35% drop, watch out below $53

Ethereum Classic price faces some substantial pressure soon. If a new column of Os forms on the $1/3-box reversal Point and Figure chart, bull and bears will want to watch for a return to $54. A return to $54 would form a triple-bottom. The next O below that at $53 triggers the short entry zone.
A Fibonacci expansion drawn from the most recent swing high at $76 to last week's flash crash low at $49 puts the 100% Fibonacci extension at $34. A high volume node in the volume profile exists at $34, so bulls may enter that zone to support Etherem Classic Price.

ETC/USD $1.00/3-box Reversal Point and Figure Chart

Bulls have a hard road ahead if they want to return to a sold bull market.

First, Ethereum Classic price needs to move through the Cloud and break out above the Tenkan-Sen at $60.81, the Kijun-Sen at $62.56 and the top of the Cloud (Senkou Span A) at $64.66. However, the Chikou Span needs to be above the candlesticks. For the Chikou Span to return above the candlesticks, bulls need to push Ethereum Classic above the $70 value area and close at or above $70.

Unfortunately, bulls may have to wait, given the present market conditions and very bearish setup on the daily candlestick chart and Point and Figure chart. 

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

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