Technical Analysis

Ethereum Classic Is Looking For More GainsJul 25, 2023

Ethereum Classic is looking for more gains from technical point of view and from Elliott wave perspective.

Ethereum Classic with ticker ETCUSD is moving nicely as expected since last update, when we mentioned and highlighted about a three-wave A-B-C pullback in (B)/(2) after we noticed a five-wave impulse into wave (A)/(1).

Ethereum Classic Is Looking For More Gains
ETCUSD 4H Chart From July 10 2023

As you can see, three-wave A-B-C corrective setback can be now coming to an end with ideal support here around 17 area, so watch out for a bullish continuation into wave (C) or (3) soon.

Ethereum Classic Is Looking For More Gains
ETCUSD 4H Chart From July 25 2023

One of the main reasons why ETCUSD can go higher is Ethereum Classic GrayScale Investment Trust (ETCG), which remains nicely bullish after we spotted a completed (A)-(B)-(C) flat correction in B/2. We are currently tracking either wave C or 3, which should be completed by a five-wave cycle of the lower degree and it can push the price at least back to the former wave 4 swing high and 16 area for wave C or maybe even higher for wave 3, if 16 level will be broken decisively.

Ethereum Classic Is Looking For More Gains
ETCG 4H Chart

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