Technical Analysis

ETCUSD Is Moving Into A Support AreaMar 6, 2023

ETCUSD is moving into a support area, as we see it forming a new bullish setup formation by Elliott wave theory.

Ethereum Classic with ticker ETCUSD made an impulsive five-wave recovery since December 19th of 2022, when we spotted a completed ending diagonal / wedge pattern within wave C of an A-B-C correction. A five-wave recovery indicates a change in the trend from Elliott wave perspective, so be aware of more upside in March.

We can see that price is currently nicely slowing down, making a three-wave (A)-(B)-(C) correction for wave 2 after we noticed a five-wave rally into wave 1 from the previous lows. So, keep an eye on strong support here around 19-17 area, from where we expect a bullish continuation above 25.10 while price is above 14.80 low. So as long this level is not breached we expect a new turn up.

ETCUSD Is Moving Into A Support Area 4H ETCUSD Chart
ETCUSD 4H Chart

The main reason why ETC can start rising is also Ehereum Classic Grayscale Investment Trust (ETCG) chart, in which we see it turning bullish after a completed final wave 5 of C of a correction from the highs. With recent sharp reversal and strong rebound into first leg A/1, we believe there’s room for more gains at least for wave C up to 16.50 area or maybe even much higher for wave 3.

ETCUSD Is Moving Into A Support Area ETCG 4H CHART
ETCG 4H Chart

I hope to see you in webinar today on Monday March 06 @ 14.00GMT.

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