Signs are showing ETC correction may be over

Source Fxstreet
Jun 4, 2024 04:10
  • Ethereum Classic crashed 18% after retesting its resistance zone between $33.14 and $34.59.
  • Investors could accumulate ETC at support levels extending between $28.53 and $26.67.
  • A daily candlestick close below $25.26 would invalidate the bullish thesis.

Ethereum Classic (ETC) crashed 18% between May 23 and June 3, heading towards its major support area of $28.53 and $26.67. A correction to this area could be a buying opportunity for investors before the second leg higher. 

Ethereum Classic price eyes for a 17% rally

Ethereum Classic price broke the consolidation zone between $25.26 and $28.63 on May 20 and rallied 20% to the $34.32 level. ETC faced rejection at the $33.32 to $34.59 bearish order block, where market heavyweights have previously placed sell orders in this zone. As a result, ETC has crashed 18% and currently trades at $28.63.

Sidelined buyers could scoop ETC between $28.50 and $27.12, which are the 50% and 61.8% Fibonacci retracement levels drawn from the swing high of $34.32 on May 23 and swing low of $22.67 on April 13, respectively. 

If ETC bounces off the $28.50 level and the overall crypto market outlook is bullish, it could rally 17% to retest its previous high of $37.32.

ETC/USDT 1-day chart

ETC/USDT 1-day chart

However, if the ETC daily candlestick closes below $25.26 and forms a lower low on the daily time frame, itcould lead to a change in market structure favoring the bears. Thus, this change in market structure could invalidate the bullish thesis, leading to an 11% crash in the ETC price to the previous support level of $22.67. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Bitcoin CME gaps at $35,000, $27,000 and $21,000, which one gets filled first?Prioritize filling the $27,000 gap and even try higher.
Author  FXStreet
Prioritize filling the $27,000 gap and even try higher.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Bitcoin Hasn’t Reached Bull Cycle Top Yet, Quant Explains WhyAccording to the trend in an on-chain indicator, an analyst has explained how Bitcoin may still need to reach the top of the current bull cycle.
Author  NewsBTC
According to the trend in an on-chain indicator, an analyst has explained how Bitcoin may still need to reach the top of the current bull cycle.
placeholder
Spot Ethereum ETFs To Launch In 8 Days, Bloomberg Expert ConfirmsAfter months of anticipation, the launch of spot Ethereum ETFs in the United States appears to be imminent as the US Securities and Exchange Commission (SEC) has reportedly requested that Ethereum ETF issuers submit their final S-1 filings, including fee structures, by Wednesday, July 17.  Ethereum ETFs Hopefuls Gear Up For July 23 Debut Bloomberg […]
Author  Bitcoinist
After months of anticipation, the launch of spot Ethereum ETFs in the United States appears to be imminent as the US Securities and Exchange Commission (SEC) has reportedly requested that Ethereum ETF issuers submit their final S-1 filings, including fee structures, by Wednesday, July 17.  Ethereum ETFs Hopefuls Gear Up For July 23 Debut Bloomberg […]
goTop
quote