- Ethereum Classic falls in free-fall fashion after landing in a weekly congestion zone.
- ETC price has printed three clear impulse waves up.
- Invalidation of the bullish outlook is a breach below $13.28.
Ethereum classic price has more upside potential but finding an entry point will be challenging.
Ethereum Classic price is a dangeous knife
Ethereum Classic price currently trades at $33.88 as the bears take full advantage of the profit-taking consolidation near the $40 congestion zone. Last week, an inaccurate forecast was issued, which targeted the $19 zone. Now that the Ethereum price is reclining, traders are watching the digital asset closely, looking for a potential entry and additional target in the $42, $47 and $50 levels.
Ethereum Classic price has printed three clear impulse waves up, suggesting a more extensive bull run could be underway. Still, the pullback could fall as deep as the anticipated target mentioned in last week’s thesis at $19. Thus attempting to catch a knife is ill-advised. A more favorable low could be between $28 and $33, with the same targets mentioned above.
ETC/USDT 1-Day Chart
A tighter invalidation point for possible bullish entry will be marked out as more technicals unfold during the week. The safest uptrend invalidation is currently the origin point of the rally at $13.28.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team