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